Question
The following pertains to Babe Time, Inc. on December 31 of current year: Checking account balance P925,000; an overdraft in special checking account at same
The following pertains to Babe Time, Inc. on December 31 of current year: Checking account balance P925,000; an overdraft in special checking account at same bank as normal checking account of P17,000; certificate of deposit P400,000; cash held in a bond sinking fund P200,000; postdated check from customer P11,000; certified check from customer P9,800; NSF check from customer P15,000; cash advance to subsidiary of P300,000; postage stamps on hand P620; utility deposit paid to electric company P8,000; currency and coins in a petty cash fund (the company has not replenished the fund to the imprest amount of P5,000) P800. The correct amount that should be reported as cash is A . 908,800 B. 918,600 C. 1,318,600 D. 1,322,800
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