What is the correct cash balance to be reported in statement

Assignment Help Financial Accounting

Reference no: EM132833085

Checking Account at morgan bank (20,000)

Checking Account at Land bank 500,000

Payroll at national bank 100,000

Foreign bank accounts restricted. 750,000

Postage stamps. 22,000

Employees post dated checks. 30,000

I.O.U. from president's brother 75,000

Travelers check. 50,000

No sufficient funds check 18,000

Petty cash fund ( P16,000 in currency & expenses receipt for 84,000). 100,000

Cashier check. 36,000

Problem 1: What is the correct cash balance to be reported in the statement of financial position or Surigao Company on December 31, 2020

Reference no: EM132833085

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