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Problem 1: The cash account in ABC Company's ledger showed a balance at December 31, 2020 of P4,415,000 which consisted of the following: (1) Petty cash fund - P24,000; (2) Undeposited receipts (including a postdated customer check for P70,000) - P1,220,000; (3) Cash in Allied Bank, per bank statement (with a check for P40,000 still outstanding) - P2,245,000; (4) Bond sinking fund - P850,000; (5) Vouchers paid out of collections, not yet recorded - P43,000; and (6) IOUs signed by employees, taken from collections - P33,000. What amount should be reported as cash in the December 31, 2020 statement of financial position?
a. P3,379,000
b. P3,419,000
c. P3,489,000
d. P3,449,000
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