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?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
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?
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education