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You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4, by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1.182,000 O 1,220,000 O 1,350,000

You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4, by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1.182,000 O 1,220,000 O 1,350,000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter5: Internal Control And Cash
Section: Chapter Questions
Problem 2SEQ
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You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4,0 by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1,182,000 O 1,220,000 O 1,350,000
Transcribed Image Text:You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4,0 by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1,182,000 O 1,220,000 O 1,350,000
unt of GSP Company with a balance of P 840,000 as it with the Banco de Oro 830,000 ited to the bank 300,000 y the bank for insufficient fund 100,000 sident of the company dates January 15, 2023 50,000 ated December 28, 2022 for goods returned by GSP 40,000 ,000 is in currency; P 4,000 in form of IOUS, and P 4,000 is supported ers for expenses all dated prior to closing of the books on December 20,000 1,340,000 ed by a chattel mortgage on the inventories 500,000 840,000 ld be reported in the statement of financial position as O 1,208,000 O 1,182,000 O 1,220,000 O 1,350,000
Transcribed Image Text:unt of GSP Company with a balance of P 840,000 as it with the Banco de Oro 830,000 ited to the bank 300,000 y the bank for insufficient fund 100,000 sident of the company dates January 15, 2023 50,000 ated December 28, 2022 for goods returned by GSP 40,000 ,000 is in currency; P 4,000 in form of IOUS, and P 4,000 is supported ers for expenses all dated prior to closing of the books on December 20,000 1,340,000 ed by a chattel mortgage on the inventories 500,000 840,000 ld be reported in the statement of financial position as O 1,208,000 O 1,182,000 O 1,220,000 O 1,350,000
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