Check drawn on san miguels account payable to

Check drawn on San Miguel’s account, payable to supplier, dated
and recorded on December 31, 2015 but not mailed until
until January 2016………………………………………………………
500,000
Cash in sinking fund……………………………………………………………..
2,000,000
On December 31, 2015, what amount of cash should be reported as cash
under current assets?
a. P 4,500,000
b. P 5,500,000
c. P 3,500,000
d. P 6,500,000
19. On December 31, 2015, DALTA Inc. reported cash accounts with the
following details:
p. The cash amount shown in the balance sheet must be the balance
q. Outstanding checks will cause the cash balance per ledger to be greater
than the balance reported by the bank, all other things being equal
cc.A three-year treasury note maturing on May 30 of the current year
purchased by the entity on April 15 of the current year
dd. A three-year treasury note maturing on May 30 of the current year
purchased by the entity on January 15 of the current year
ee. A 90-day T-bill

FINANCIAL ACCOUNTING 1
50. As of December 31 of the current year, an entity had various checks
and papers in its safe. Which item should not be in its cash account in the
current year-end balance sheet?
51. Which item should be excluded from cash and cash equivalent on the
current year-end balance sheet of an entity?
52. Which item should be excluded from cash and cash equivalent on the
current year-end balance sheet of an entity?
53. At December 31 of the current year, an entity had cash accounts at
three different banks. One account balance is segregated solely for payment
into a bond sinking fund. A second account, used for branch operations, is
overdrawn. The third account, used for regular corporate operations, has a
positive balance. How should these accounts be reported in the December
31 classified balance sheet?