basic financial accounting

Problem Solving EXERCISE 2-1 As of December 31, 2020, Grimmie Company's general ledger reported a total cash balance of P695,000. Breakdown of the amount is as follows: Currencies and coins awaiting deposit Checking account balance NSF Check returned by the bank Undeposited receipts, including a postdated check of P35,000 Savings account balance IoUs signed by personnel th What amount should be reported as "cash on Grimmie's Statement of Financial Position as of December 31, 2020? P45,000 185.000 40,000 160,000 250,000 15,000 EXERCISE 2-2 Hatch Company shows the following account balances in its financial records as of December 31, 2020: Cashier's check IOU from the president's sister P 46,000 Bank draft 65,000 Traveler's check 40,000 Undeposited checks (includes a P100,000 check not accepted by the 40,000 bank due to lack of countersignature) Money order 220,000 Petty cash fund (bills and coins of P4,000) 50,000 Checking account - Unibank 12,000 Checking account - Tribank 450,000 Savings account - Unibank (85,000) Postage stamps 325,000 What is the cash balance to be reported on the statement of financial position? 6,500 32 Basic Approach to Financial Act