An analysis of the Cash account of the HYACINTH COMPANY revealed the following details as of Dec. 31, 2019: 1. Petty cash fund (cleared of non-fund items) 2. Change fund 3. Undeposited collections 4. Cash in bank- BDO 5. Cash in bank-BDO 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America Time deposit (60 days) with China Bank 10. Cash in bank- for building construction P4,700 2,000 8,000 20,000 (4,000) 40,000 12,000 80,000 9. 120,000 240,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet?
An analysis of the Cash account of the HYACINTH COMPANY revealed the following details as of Dec. 31, 2019: 1. Petty cash fund (cleared of non-fund items) 2. Change fund 3. Undeposited collections 4. Cash in bank- BDO 5. Cash in bank-BDO 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America Time deposit (60 days) with China Bank 10. Cash in bank- for building construction P4,700 2,000 8,000 20,000 (4,000) 40,000 12,000 80,000 9. 120,000 240,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet?
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 5.4.3P
Related questions
Question
answer first one
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub