The statement of financial position of Mandela Company as of December 31, 2020 shows cash balance of P900,000. It was found to include the following items: Currencies and coins on hand Notes receivable in the possession of a collection agency Customer's check, dated February 1, 2021, not yet presented to the 0505 08 dat 0 s bank Customer's checks returned by bank marked "NSF"q2 baadae Postal money orders from clients Petty cash fund (includes vouchers worth P2,500 for transportation expenses) P80,000 150,000 lid 45,000 alon - 60,000 050 70,000 10,000 Mandela drew a check for P145,000 against its checking account last December 28, 2020 representing payment for a subscription contract. The said check was only delivered January 2 of the following year. What is the correct cash balance of Mandela Company as of December 31, 2020?
The statement of financial position of Mandela Company as of December 31, 2020 shows cash balance of P900,000. It was found to include the following items: Currencies and coins on hand Notes receivable in the possession of a collection agency Customer's check, dated February 1, 2021, not yet presented to the 0505 08 dat 0 s bank Customer's checks returned by bank marked "NSF"q2 baadae Postal money orders from clients Petty cash fund (includes vouchers worth P2,500 for transportation expenses) P80,000 150,000 lid 45,000 alon - 60,000 050 70,000 10,000 Mandela drew a check for P145,000 against its checking account last December 28, 2020 representing payment for a subscription contract. The said check was only delivered January 2 of the following year. What is the correct cash balance of Mandela Company as of December 31, 2020?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 20E
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