Answered: Math Corp's checkbook balance on Dec 31…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Math Corp's checkbook balance on Dec 31 was P27,200. In addition ABC held the following items in its safe: 1. A check for P450 from a customer received on Dec 30 and not yet recorded in the books 2. An NSF check from another customer, P700 was returned by the bank on Dec29. The check was redeposited the following month. 3. Coins and currencies, P1,450 The proper amount to be reported on ABC 's balance sheet for cash at Dec 31 is?

26,950

27,500

27,950

28,400

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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