You noted the following composition of BBBCompany’s “cash account” as of December 31, 2020: Demand deposit account P2,000,000 Time deposit – 30 days 1,000,000 NSF check of customer 40,000 Money market placement (due June 30, 2021) 1,500,000 Savings deposit in a closed bank 100,000 IOU from employee 20,000 Pension fund 3,000,000 Petty cash fund 10,000 Customer check dated January 1, 2021 50,000 Customer check outstanding for 18 months 40,000 Total P7,760,000 Additional information follows: a) Check of P200,000 in payment of accounts payable was recorded on December 31, 2020 but mailed to suppliers on January 5, 2021. b) Check of P100,000 dated January 15, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020. c) The company uses the calendar year. The cash receipts journal was held open until January 15, 2021, during which time P400,000 was collected and recorded on December 31, 2020. 36. The cash and cash equivalents to be shown on the December 31, 2020 balance sheet is 37. How much is the correct amount of inventories?
You noted the following composition of BBBCompany’s “cash account” as of December 31, 2020:
Demand deposit account P2,000,000 Time deposit – 30 days 1,000,000 NSF check of customer 40,000
Additional information follows:
a) Check of P200,000 in payment of accounts payable was recorded on December 31, 2020 but mailed to suppliers on January 5, 2021.
b) Check of P100,000 dated January 15, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020.
c) The company uses the calendar year. The cash receipts journal was held open until January 15, 2021, during which time P400,000 was collected and recorded on December 31, 2020.
36. The cash and cash equivalents to be shown on the December 31, 2020
37. How much is the correct amount of inventories?
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