Answer The cash balance of1 Co. comprises the following:Cash on hand300,000Cash in bank - savings - Aewan bank600,000|Cash in bank - current - Aewan bank(160,000)Cash in bankcurrent – Bakalang Bank(140,000)Cash in bank - deposit escrow – Bakalang Bank 240,000Cash in bank - savings - Chosero Bank90,000Additional Information:Cash on hand excludes undeposited collections of P60,000; Thecash in bank-savings maintained at Aewan Bank includes aP100,000 compensating balance which is restricted.How much is the amount of cash to be reported in the financialstatements?

Cash can be defined as the cash on hand and the demand deposits with the bank. Cash equivalents are…

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Business

Accounting

How much is the amount of cash to be reported in the financial statements?

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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Concept explainers

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.

Question

Answer

The cash balance of
1 Co. comprises the following:
Cash on hand
300,000
Cash in bank - savings - Aewan bank
600,000
|
Cash in bank - current - Aewan bank
(160,000)
Cash in bank
current – Bakalang Bank
(140,000)
Cash in bank - deposit escrow – Bakalang Bank 240,000
Cash in bank - savings - Chosero Bank
90,000
Additional Information:
Cash on hand excludes undeposited collections of P60,000; The
cash in bank-savings maintained at Aewan Bank includes a
P100,000 compensating balance which is restricted.
How much is the amount of cash to be reported in the financial
statements?

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