Solution-What the proper amount to be shown as cash

What the proper amount to be shown as cash

Reference no: EM132929180

Question - Mickey Company's checkbook balance on December 31,2019 was P5,000,000.

In addition, Mickey held the following items in its safe on that date:

Check payable to Mickey, dated January 2, 2020 in payment of sale made in December 31, 2019, not included in December 31 checkbook balance 2,000,000

Check payable to Mickey, deposited December 15 and included in December 31 checkbook balance; the check marked "NSF" by the bank. The check was redeposited on January 2, 2020 and cleared on Jan. 9, 2020 600,000

Check drawn on Mickey's account, payable to a vendor, dated and recorded in Mickey's books on December 31 but not mailed until January 10, 2020 300,000

What the proper amount to be shown as "cash" on the balance sheet at December 31, 2019?

Reference no: EM132929180

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What the proper amount to be shown as cash

Reference no: EM132929180

Reference no: EM132929180

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