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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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