INTERMEDIATE ACCOUNTING 1 1. Orange Company's checkbook balance at December 31, 2019 was P123,450. In addition, Orange held the following items in its safe on that date. Check payable to Orange, deposited December 15 and included in December 31 checkbook balance, but returned by the bank on December 30 stamped "NSF". The check was redeposited on January 2, 2020 and cleared on January 9, 2020. - P12,500

Check payable to Orange dated January 2, 2020 in payment of a sale made in December 2019, not included in December 31 checkbook balance. - P15,000

Check drawn on Orange's account, payable to a vendor, dated and recorded in Orange's books on December 31, but not mailed until January 10, 2020. - P8,275

What is the amount of cash in Orange's December 31, 2019 statement of financial position?

a. P127,675

b. P123,450

c. P119,225

d. P104,225

2. The following data pertains to Apple Trading on April 30:

Correct cash balance in a general checking account with BDO - P320,000

Overdraft in a special checking account with Landbank (Apple Trading does not have another account with Landbank) - P20,000

Cash accumulated in a special fund that will be used for plant expansion in five years. - - P150,000

Cash surrender value of life insurance policy - P32,000

Cash travel advances in the hands of sales personnel - P12,000

Currency and coins in petty cash fund (the company has not replenished the fund to the imprest amount of P2,000) - P580

How much cash should Apple report on April 30?

a. P332,580

b. P320,580

c. P322,000

d. P302,000