January $4,20$x$2,$ you conducted a surprise count in connection with your audit of the financial statements of Theo Corp. for the year ended December $31,20$x$1.$ The following were identified on your examination:A$.$ Bills consist of one $(1)$ P$1,000$ bill; three $(3)$ P$500$ bills; three $(3)$ P$200$ bills; six $(6)$ P$100$ bills; seven $(7)$ P$50$ bills; and four $(4)$ P$20$ bills. Coins consist of nine $(9)$ P$10$ coins; eight $(8)$P$5$ coins; and seven $(7)$ P$1$ coins.B$.$ Checks include the following:PayeeAmountDateMakerTheo Corp.P$13,000$Dec. $30$CLOY CO$.$Theo Corp$\mathrm{.}5,000$Dec. $30$CD$,$ Inc$\mathrm{.}7,000$Dec. $30$CAS Corp.Theo Corp$\mathrm{.}10,000$Dec. $31$Theo Corp.CustodianC. Unreimbursed vouchers comprise of the following:DateDescriptionAmountDec. $27$PostageP$1,000$Dec. $27$Transportation$2,000$Dec. $28$Computer repairs$1,500$Dec. $30$Supplies$800$OR No$.$DescriptionAmount$120181$CashP$566120182$Check$7,000120183$Cash$891120184$Check$12,000120185$Check$13,000120186$Check$5,000$Additional information: An open envelope was marked $"$P$2,000$ for Christmas Party" with vouchers totaling toP$1,850.$ Based on your inquiry, the whole amount was mingled with the petty cash fund and only the expense vouchers were inserted back to the envelope.Cash collections from December $24$ to December $31$ were not yet deposited. Official receipts dated December $24$ to December $31$ were as follows: The custodian is not authorized to cash checks. Unused postage stamp amounted to P$350.$ The last replenishment was on December $25.$ The petty cash fund was set up atP$20,000.$

Required:$\mathrm{}$

$1.$ What is the amount of undeposited collections on December $31,20$x$1?2.$ How much is the total accountability of the custodian?$3.$ What is the balance of the petty cash fund to be presented as of December $31,20$x$1?4.$ What is the total amount of shortage$$ overage$?$ 

Answer rating: 100% (QA)

To solve this problem we need to analyze the given information and perform the necessary calculations 1 Undeposited collections on December 31 20x1 Th... View the full answer