David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the following information as of December 31: P 300,000 Check drawn on David Co.'s account in payment of a transaction with a vendor, dated and recorded December 31 but not mailed until January 6. Check payable to David Co., deposited December 23, excluded from the December 31 checkbook balance because it was returned by bank on December 28, stamped "NSF". The check was redeposited on the same day and cleared on December 29, 2020. Check payable to David Co. for goods sold to a client, dated January 4, 2021 still on hand. The said check was included in the checkbook balance above. 50,000 150,000 What is the proper amount to be shown as cash on David Co.'s statement o financial position on December 31, 2020?
David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the following information as of December 31: P 300,000 Check drawn on David Co.'s account in payment of a transaction with a vendor, dated and recorded December 31 but not mailed until January 6. Check payable to David Co., deposited December 23, excluded from the December 31 checkbook balance because it was returned by bank on December 28, stamped "NSF". The check was redeposited on the same day and cleared on December 29, 2020. Check payable to David Co. for goods sold to a client, dated January 4, 2021 still on hand. The said check was included in the checkbook balance above. 50,000 150,000 What is the proper amount to be shown as cash on David Co.'s statement o financial position on December 31, 2020?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 16P
Related questions
Question
Please answer asap , I really need help.
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 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning