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What the correct amount that should be reported as cash is

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Reference no: EM133009806

The following pertains to Miraflor, Inc. on December 31 of the current year:

Checking account balance P925,000; an overdraft in special checking account at same bank as normal checking account of P17,000; certificate of deposit P400,000; cash held in a bond sinking fund P200,000; postdated check from customer PI 1,000; certified check from customer P9,800; NSF cheek received from customer PI 5,000; cash advance to subsidiary of P300,000; postage stamps on hand P620; utility deposit paid to electric company P8,000; currency and coins in a petty cash fund (the company has not replenished the fund to the imprest amount of P5,000) P800.

Problem 1: The correct amount that should be reported as cash is

a. P918,600
b. P908,800
c. P1,322,800
d. P1,318,600

Reference no: EM133009806

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