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account, Metrobank- P49,500. The amount of cash that should be reported in Steamed Egg's balance sheet as a current asset is: * , O P344,500 O P174,500 O P374,500 O P395,000

account, Metrobank- P49,500. The amount of cash that should be reported in Steamed Egg's balance sheet as a current asset is: * , O P344,500 O P174,500 O P374,500 O P395,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 4EB: Record the following transactions: A. Started a petty cash fund in the amount of $1,000. B....
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Question 55

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The Steamed Egg Company has the following items in its general ledger: Petty cash fund- P5,000; Checking account, Bank of Korea- P290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- P100,000; Checking account, BPI Bank- P(170,000); Checking account, Metrobank- P49,500. The amount of cash that should be reported in Steamed Egg's balance sheet as a current asset is: * O P344,500 O P174,500 O P374,500 O P395,000
Transcribed Image Text:The Steamed Egg Company has the following items in its general ledger: Petty cash fund- P5,000; Checking account, Bank of Korea- P290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- P100,000; Checking account, BPI Bank- P(170,000); Checking account, Metrobank- P49,500. The amount of cash that should be reported in Steamed Egg's balance sheet as a current asset is: * O P344,500 O P174,500 O P374,500 O P395,000
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