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9. On December 31, 2022, the cash account of Mobile Legends Company shows the following composition: Cash: Traveler's check P 10,000 Manager's check 23,000 Petty cash Fund (including expense receipts for P3,000) 6,000 Savings account, including compensating balance of P40,000 are legally restricted Postage stamps 200,000 1,000 IOUS from the officers 3,000 Bank draft in a checking account with Allied Bank 70,000 Checking account in Doug Bank, per book (outstanding checks as of year-end is P10,000) 90,000 Postal money order 20,000 Deposit segregated to pay dividends 100,000 Cash Equivalents: Securities: Date Acquired Maturity / Redemption Date Amount Treasury Bills 01/30/22 01/30/23 P 18,000 Money Market 11/01/22 04/01/23 70,000 Certificate of Deposit 12/01/22 02/28/23 50,000 Investment in Preference Shares 09/15/22 01/15/23 12,000 How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet? A. 456,000 B. 516,000 C. 466,000 D. 526,000

9. On December 31, 2022, the cash account of Mobile Legends Company shows the following composition: Cash: Traveler's check P 10,000 Manager's check 23,000 Petty cash Fund (including expense receipts for P3,000) 6,000 Savings account, including compensating balance of P40,000 are legally restricted Postage stamps 200,000 1,000 IOUS from the officers 3,000 Bank draft in a checking account with Allied Bank 70,000 Checking account in Doug Bank, per book (outstanding checks as of year-end is P10,000) 90,000 Postal money order 20,000 Deposit segregated to pay dividends 100,000 Cash Equivalents: Securities: Date Acquired Maturity / Redemption Date Amount Treasury Bills 01/30/22 01/30/23 P 18,000 Money Market 11/01/22 04/01/23 70,000 Certificate of Deposit 12/01/22 02/28/23 50,000 Investment in Preference Shares 09/15/22 01/15/23 12,000 How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet? A. 456,000 B. 516,000 C. 466,000 D. 526,000

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 60APSA
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9. On December 31, 2022, the cash account of Mobile Legends Company shows the following composition: Cash: Traveler's check P 10,000 Manager's check Petty cash Fund (including expense receipts for P3,000) Savings account, including compensating balance of P40,000 are legally restricted 23,000 6,000 200,000 1,000 Postage stamps IOUS from the officers 3,000 Bank draft in a checking account with Allied Bank 70,000 Checking account in Doug Bank, per book (outstanding checks as of year-end is P10,000) 90,000 Postal money order 20,000 Deposit segregated to pay dividends 100,000 Cash Equivalents: Securities: Date Acquired Maturity / Redemption Date Amount Treasury Bills 01/30/22 01/30/23 P 18,000 Money Market 11/01/22 04/01/23 70,000 Certificate of Deposit 12/01/22 02/28/23 50,000 Investment in Preference Shares 09/15/22 01/15/23 12,000 How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet? A. 456,000 В. 516,000 C. 466,000 D. 526,000
Transcribed Image Text:9. On December 31, 2022, the cash account of Mobile Legends Company shows the following composition: Cash: Traveler's check P 10,000 Manager's check Petty cash Fund (including expense receipts for P3,000) Savings account, including compensating balance of P40,000 are legally restricted 23,000 6,000 200,000 1,000 Postage stamps IOUS from the officers 3,000 Bank draft in a checking account with Allied Bank 70,000 Checking account in Doug Bank, per book (outstanding checks as of year-end is P10,000) 90,000 Postal money order 20,000 Deposit segregated to pay dividends 100,000 Cash Equivalents: Securities: Date Acquired Maturity / Redemption Date Amount Treasury Bills 01/30/22 01/30/23 P 18,000 Money Market 11/01/22 04/01/23 70,000 Certificate of Deposit 12/01/22 02/28/23 50,000 Investment in Preference Shares 09/15/22 01/15/23 12,000 How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet? A. 456,000 В. 516,000 C. 466,000 D. 526,000
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