Lipton Company shows the following account balances in their financial records as of December 31, 2016: Checking account at Morgan Bank. Checking account at Land Bank Payroll account- National Bank Foreign bank account- restricted . Postage stamps Employee's post-dated checks 1.0.U. form president's brother Traveler's check . P (20,000) 500,000 100,000 750,000 22,000 30,000 75,000 50,000 18,000 No-sufficient funds check Petty cash fund (16,000 in currency & expenses for P84,000) .. 100,000 Cashier's Check . 36,000 What is the correct cash balance to be reported in the statement of financial position of Lipton Company on December 31, 2016 assuming the bank overdraft or repayable on demand and it's integral to the entity's cash а. Р682,000 b.P686,000 c. P702,000 d.P704,000|
Lipton Company shows the following account balances in their financial records as of December 31, 2016: Checking account at Morgan Bank. Checking account at Land Bank Payroll account- National Bank Foreign bank account- restricted . Postage stamps Employee's post-dated checks 1.0.U. form president's brother Traveler's check . P (20,000) 500,000 100,000 750,000 22,000 30,000 75,000 50,000 18,000 No-sufficient funds check Petty cash fund (16,000 in currency & expenses for P84,000) .. 100,000 Cashier's Check . 36,000 What is the correct cash balance to be reported in the statement of financial position of Lipton Company on December 31, 2016 assuming the bank overdraft or repayable on demand and it's integral to the entity's cash а. Р682,000 b.P686,000 c. P702,000 d.P704,000|
Chapter8: Budgets And Bank Reconciliations
Section: Chapter Questions
Problem 3.8C
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