The statement of financial position of the Money Company on December 31, 2020 shows cash of P330,820. The following items were found to comprise this total amount: Checking account in Metrobank, (outstanding check As of year-end totaled P15,200) P105,200 Savings account at Far East Bank 30,800 Petty cash fund (including expense receipts for 250) 1,500 Cash on Hand (undeposited sales receipts) 4,200 Sinking fund cash 35,000 Cash in foreign bank (in equivalent pesos) 65,000 Customers' check on hand: Traveler's check 14,000 Manager's check 23,120 Short-term treasury bills 52,000 Money Company also has on hand a check payable to supplier amounting to P62,000, which has been recorded in the cash disbursement journal in December. REQUIRED: What is the correct amount of cash?
The
following items were found to comprise this total amount:
Checking account in Metrobank, (outstanding check
As of year-end totaled P15,200) P105,200
Savings account at Far East Bank 30,800
Petty cash fund (including expense receipts for 250) 1,500
Cash on Hand (undeposited sales receipts) 4,200
Sinking fund cash 35,000
Cash in foreign bank (in equivalent pesos) 65,000
Customers' check on hand:
Traveler's check 14,000
Manager's check 23,120
Short-term treasury bills 52,000
Money Company also has on hand a check payable to supplier amounting to P62,000, which has been recorded in the cash disbursement journal in December.
REQUIRED:
What is the correct amount of cash?
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