1. The controller of ABC Co. is trying to determine the amount of cash and cash equivalents to be reported on its December 31,2022 , statement of financial position. The following are the information: - Balances in the company's checking accounts at the ALPHABET Bank: Checking account: P 540,000 Savings account: P 884,000 - Undeposited customer checks of P 208,000 - Currency and coins in hand P 23,200 - Savings account at the ABAKA Bank with a balance of P350,000. This account is being used to accumulate cash for future plant expansion (in 2024) - P 800,000 balance in checking account at the ABAKA Band - Treasury Bills: 30 day maturity bills totaling P 600,000 and 180 day bills totaling P800,000 Question: On December 31, 2022, what amount should be reported as cash and cash equivalent? (Provide solution and explanation) 2. The cash count in the ledger of JPB Company had a balance of P844,800 at December 31,2022 . An examination of the account, however, disclose the following: - The sale book was open up to January 5, 2023, and cash sales totaling P 120,000 were considered as sales in December. - Checks of P 74,400 in payment of liabilities were prepared before December 31,2022 , recorded in the books, but not mailed or delivered to payees. - Post-dated checks totaling P 62,400 are being held by the cashier as part of cash. The company's experience shows that post-dated checks are eventually realized. - Customer's check for P 12,000 deposited with but returned by Bank, NSF on December 27, 2022. - The cash amount includes P 320,000 that is restricted for future projects. Question: On December 31, 2022, what amount should be the cash balance to be shown in statement of financial position? (Provide solution and explanation) Additional Info: - Check written and dated December 23, 2022 and delivered to payee on January 3, 2023, P 100,000. - Check written December 26, 2022, dated and delivered on January 30, 2023, P 150,000. Question: On December 31,2022 , what amount should be reported as cash and cash equivalent? (Provide solution and explanation) 1. The controller of ABC Co. is trying to determine the amount of cash and cash equivalents to be reported on its December 31,2022 , statement of financial position. The following are the information: - Balances in the company's checking accounts at the ALPHABET Bank: Checking account: P 540,000 Savings account: P 884,000 - Undeposited customer checks of P 208,000 - Currency and coins in hand P 23,200 - Savings account at the ABAKA Bank with a balance of P350,000. This account is being used to accumulate cash for future plant expansion (in 2024) - P 800,000 balance in checking account at the ABAKA Band - Treasury Bills: 30 day maturity bills totaling P 600,000 and 180 day bills totaling P800,000 Question: On December 31, 2022, what amount should be reported as cash and cash equivalent? (Provide solution and explanation) 2. The cash count in the ledger of JPB Company had a balance of P844,800 at December 31,2022 . An examination of the account, however, disclose the following: - The sale book was open up to January 5, 2023, and cash sales totaling P 120,000 were considered as sales in December. - Checks of P 74,400 in payment of liabilities were prepared before December 31,2022 , recorded in the books, but not mailed or delivered to payees. - Post-dated checks totaling P 62,400 are being held by the cashier as part of cash. The company's experience shows that post-dated checks are eventually realized. - Customer's check for P 12,000 deposited with but returned by Bank, NSF on December 27, 2022. - The cash amount includes P 320,000 that is restricted for future projects. Question: On December 31, 2022, what amount should be the cash balance to be shown in statement of financial position? (Provide solution and explanation) Additional Info: - Check written and dated December 23, 2022 and delivered to payee on January 3, 2023, P 100,000. - Check written December 26, 2022, dated and delivered on January 30, 2023, P 150,000. Question: On December 31,2022 , what amount should be reported as cash and cash equivalent? (Provide solution and explanation)
