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The cash account in Crisostomo Company's ledger on December 31, 2023 showed a balance of P500,000 which included the following: Petty cash fund Cash in sinking fund Vouchers paid out of collection, not yet recorded Undeposited receipts, including a postdated check of P20,000 Cash in Bank IOUS signed by personnel P15,000 120,000 30,000 60,000 250,000 25,000 At what amount should Crisostomo Company report as "cash" on the December 31, 2023 statement of financial position?

The cash account in Crisostomo Company's ledger on December 31, 2023 showed a balance of P500,000 which included the following: Petty cash fund Cash in sinking fund Vouchers paid out of collection, not yet recorded Undeposited receipts, including a postdated check of P20,000 Cash in Bank IOUS signed by personnel P15,000 120,000 30,000 60,000 250,000 25,000 At what amount should Crisostomo Company report as "cash" on the December 31, 2023 statement of financial position?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
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....
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The cash account in Crisostomo Company's ledger on December 31, 2023 showed a balance of P500,000 which included the following: Petty cash fund Cash in sinking fund Vouchers paid out of collection, not yet recorded Undeposited receipts, including a postdated check of P20,000 Cash in Bank IOUS signed by personnel P15,000 120,000 30,000 60,000 250,000 25,000 At what amount should Crisostomo Company report as "cash" on the December 31, 2023 statement of financial position?
Transcribed Image Text:The cash account in Crisostomo Company's ledger on December 31, 2023 showed a balance of P500,000 which included the following: Petty cash fund Cash in sinking fund Vouchers paid out of collection, not yet recorded Undeposited receipts, including a postdated check of P20,000 Cash in Bank IOUS signed by personnel P15,000 120,000 30,000 60,000 250,000 25,000 At what amount should Crisostomo Company report as "cash" on the December 31, 2023 statement of financial position?
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