Find the proper amount to be shown as cash

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Reference no: EM132842639

Question - Covid Corporation's checkbook balance on December 31, 2019, was P800,000. In addition, Covid held the following items in its safe on December 31:

Check payable to Covid Corporation, dated January 2, 2020, not included in December 31 checkbook balance P200,000

Check payable to Covid Corporation, deposited December 20, and included in December 31 checkbook balance, but returned by bank on December 30, stamped "NSF." The check was re-deposited January 2, 2020, and cleared January 7 40,000

Post-dated checks 15,000

Check drawn on Covid Corporation's account, payable to a vendor, dated and recorded December 31, but not mailed until January 15, 2020 100,000

Required - Find the proper amount to be shown as cash on Bulacan's balance sheet at December 31, 2019?

Reference no: EM132842639

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