Reference no: EM132915488

E.Maniego Company shows the following account balances in their financial records as of December 31, 2018:

Checking account at Morgan Bank....................P (20,000)
Checking account at Land bank..........................500,000
Payroll account - National bank .......................100,000
Foreign bank account - restricted .......................750,000
Postage stamps.............................................. 22,000
Employees post-dated checks............................. 30,000
I.O.U from president's brother........................... 75,000
Traveller's check............................................. 50,000
NSF check.................................................... 18,000
PCF (14,000 in currency & expenses receipt
for 86,000)..........................................100,000
Cashier's checks .............................................. 36,000

Problem 1: What is the correct cash balance to be reported in the financial position of E. Maniego Company on December 31, 2018?