Determine the amount of Cash to be shown on Mickey Mouse’s Statement of Financial Position on December 31,2021 In preparing its bank reconciliation at December 31,2021, Mickey Mouse Corporation had madeavailable the following information:Balance per bank statementDeposits in transitOutstanding checksBank service charge for DecemberIncluded in the Outstanding checks is the check drawnagainst the bank account which was dated January 4, 2022NSF ChecksP405,75042,00037,8001,2008,7008,000Proceeds from the loan borrowed by Mickey Mouse Corporation19,500Determine the amount of Cash to be shown on Mickey Mouse's Statement of Financial Positionon December 31,2021

The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Answered: n preparing its bank reconciliation at…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Determine the amount of Cash to be shown on Mickey Mouse’s Statement of Financial Position on December 31,2021

In preparing its bank reconciliation at December 31,2021, Mickey Mouse Corporation had made
available the following information:
Balance per bank statement
Deposits in transit
Outstanding checks
Bank service charge for December
Included in the Outstanding checks is the check drawn
against the bank account which was dated January 4, 2022
NSF Checks
P405,750
42,000
37,800
1,200
8,700
8,000
Proceeds from the loan borrowed by Mickey Mouse Corporation
19,500
Determine the amount of Cash to be shown on Mickey Mouse's Statement of Financial Position
on December 31,2021

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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