With a solution, at what amount should "cash on hand and in bank" be reported on Ruby Company's statement of Financial Position? a. P501,850 b. P507,850 c. P629,350 d. P662,250
MC30
The Ruby Company's ledger showed a balance in its cash account at December 31, 2020 of P682,250, which was determined to consist of the following:
Petty Cash Fund — P3,600
Checking account in Metrobank (check of P6,000 is still outstanding) — P336,750
Notes Receivable in the possession of a collecting agency — P25,000
Undeposited receipts, including a postdated check for P10,500 and traveler's check for P10,000 — P178,000
Bond sinking-fund cash — P127,500
IOUs signed by employees — P4,950
Paid vouchers, not yet recorded — P6,450
Total — P682,250
With a solution, at what amount should "cash on hand and in bank" be reported on Ruby Company's
a. P501,850
b. P507,850
c. P629,350
d. P662,250
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