Reference no: EM132634116

Problem 1 - The following information has been extracted from the accounting records of the Lakers Corporation:

1. Cash on hand (undeposited sales receipt) P1,020

2. Certificate of deposit 25,000

3. Customer's note receivable 1,000

4. Reconciled balance in First Standard Bank Checking account (350)

5. Reconciled balance in Prime National Bank Checking account 9,350

6. Balance in Rural Bank savings account 8,560

7. Customer's postdated check 1,350

8. Employee travel advances 1,600

9. Cash in bond sinking Fund 1,200

10. Bond sinking fund investments 8,090

11. Postage stamps 430

Required: Determine the balance in Lakers Cash account.

Problem 2 - The following information is shown in the accounting records of SAPNO PUAS Company:

January 1 December 31

Cash P186,000

Accounts Receivable 201,000 273,000

Merchandise Inventory 258,000 234,000

Accounts Payable 159,000 144,000

Total sales and cost of goods sold for 2017 were P2,394,000 and P1,749,000, respectively. All sales and purchases were made on credit. Various operating expenses of P321,000 were paid in cash. Assume that there were no other pertinent transactions.

What is the cash balance on December 31, 2017?