Reference no: EM132902571
Questions -
Q1. The Company has reported the following items under Cash:
Cash on hand - P124,000
Cash in bank (excludes legally restricted withdrawal of P100,000) - P850,000
180-day Certificates of Deposit - P50,000
How much is the correct cash balance?
Q2. The following data were part of the Cash and Cash Equivalent balance of P620,000:
Cash in B Bank (Payroll account) - P200,000
Cash in C Bank - (P14,000)
IOUs signed by employees - P16,500
Treasury bill - P80,000
How much is the correct balance of Cash?
Q3. The following data were NOT included in the reported cash balance of P1,052,000:
Money market fund with checking privileges - P90,000
360-day time deposit - P150,000
Undeposited collections - P37,000
How much is the correct balance of Cash?
Q4. You are given the following which were NOT part of the P974,000 Cash balance:
Post-dated customer's check received - P29,000
Post-dated company's own check issued - P45,000
Stale checks issued - P10,000
Cash surrender value - P75,000
How much is the correct balance of Cash?