The cash account in Cake Company's ledger on December 31, 2023 showed a balance of P5,250,000 which included the following: Petty cash fund-P50,000 Undeposited receipts, including a postdated customer check of P100,000-P1,400,000 Cash in bank-P1,300,000 Cash in sinking fund-P500,000 Vouchers paid out of collections, not yet recorded-P250,000 IOUS signed by employees-P150,000 What total amount should be reported as cash in the December 31, 2023 statement of financial position?
The cash account in Cake Company's ledger on December 31, 2023 showed a balance of P5,250,000 which included the following: Petty cash fund-P50,000 Undeposited receipts, including a postdated customer check of P100,000-P1,400,000 Cash in bank-P1,300,000 Cash in sinking fund-P500,000 Vouchers paid out of collections, not yet recorded-P250,000 IOUS signed by employees-P150,000 What total amount should be reported as cash in the December 31, 2023 statement of financial position?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
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The cash account in Cake Company's ledger on December 31, 2023 showed a balance of P5,250,000 which included the following:
Petty cash fund-P50,000
Undeposited receipts, including a postdated customer check of P100,000-P1,400,000
Cash in bank-P1,300,000
Cash in sinking fund-P500,000
Vouchers paid out of collections, not yet recorded-P250,000
IOUS signed by employees-P150,000
What total amount should be reported as cash in the December 31, 2023 statement of financial
position ?
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