Bebe Corporation is preparing its financial statements as of December 31, 2021. The following information were obtained
Question:
Bebe Corporation is preparing its financial statements as of December 31, 2021. The following information were obtained by the accountant:
Cash in bank, BPI P .980,000
Cash in foreign bank, restricted $ 7,000
Cash in closed bank 280,000
Working funds
Petty cash fund 18,000
Change fund 5,000
Tax fund 95,000
5-month time deposit dated and acquired on November 16, 2021 250,000
2-month time deposit dated December 12, 2021 150,000
Other information
- The exchange rate as of December 31, 2021 is $1 = P52.
- The cash in bank BPI is not yet adjusted, the company has yet to perform any bank reconciliation nor proof of cash. The information pertaining to cash in bank BPI are as follows:
November 30 | December 31 | |
Cash in bank, per books | 980,000 | |
Balance per bank statement | 850,000 | 952,000 |
Deposit in transit | 375,000 | |
Outstanding check | 75,500 | |
Amounts collected by the bank and credited to the depositor | 120,000 | 80,000 |
Bank service charges | 500 | 300 |
Notes paid by the bank on behalf of the depositor | 150,000 | 325,000 |
NSF check this month and redeposited the same month | none | 50,000 |
Book debits | 850,000 | |
Book credits | 970,000 | |
Bank credits | 832,000 | |
Bank debits | 730,000 |
The company recorded a disbursement twice in November, amounting to P80,000. This was corrected in December.
How much is the correct cash in the bank, BPI as of December 31, 2021?
