Henry Company had the following account balances on December 31, 2015. Petty cash fund P50,000 Cash in bank – current account 10,000,000 Cash in bank – payroll account 2,000,000 Cash on hand 500,000 Cash in bank – restricted account for plant additions, expected to be disbursed in 2016 4,000,000 Treasury bills, due February 15, 2016 3,000,000 The petty cash fund includes unreplenished December 2015 petty cash expense vouchers of P20,000 and employee IOUs of P10,000. The cash on hand includes a P100,000 check payable to Henry dated January 15, 2016. What should be reported as “cash and cash equivalents”
Henry Company had the following account balances on December 31, 2015. Petty cash fund P50,000 Cash in bank – current account 10,000,000 Cash in bank – payroll account 2,000,000 Cash on hand 500,000 Cash in bank – restricted account for plant additions, expected to be disbursed in 2016 4,000,000 Treasury bills, due February 15, 2016 3,000,000 The petty cash fund includes unreplenished December 2015 petty cash expense vouchers of P20,000 and employee IOUs of P10,000. The cash on hand includes a P100,000 check payable to Henry dated January 15, 2016. What should be reported as “cash and cash equivalents”
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....
Related questions
Question
Henry Company had the following account balances on December 31, 2015.
Petty cash fund P50,000
Cash in bank – current account 10,000,000
Cash in bank – payroll account 2,000,000
Cash on hand 500,000
Cash in bank – restricted account for plant additions, expected to
be disbursed in 2016 4,000,000
Treasury bills, due February 15, 2016 3,000,000
The petty cash fund includes unreplenished December 2015 petty cash expense vouchers of
P20,000 and employee IOUs of P10,000. The cash on hand includes a P100,000 check payable
to Henry dated January 15, 2016. What should be reported as “cash and cash equivalents”
on December 31, 2015?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
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
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub