Reference no: EM132772488

In your year-end audit of KK Day Corporation, the cashier showed a cash accountability of P12,000 as at December 31, 2017. Selected transactions of the corporation for 2017, in summary form follows:

Accounts written off                              5,000
Depreciation of fixed assets                   30,000
Disbursement for cost and expenses       750,000
Income tax accrued                              10,000
Payment of bank loan                            40,000
Subscriptions receivable                        300,000
Subscribed share capital                        900,000
Proceeds from short-term bank loan          100,000
Purchases of fixed assets                        450,000
Sales (80% collected in 2017)                   700,000

Problem 1: What the Cashier's correct cash accountability at December 31, 2017 was