Question: Can someone help me find the answer and solutions for these questions? Ace company provided the following information on December 31,2020: Petty cash fund 50,000

Can someone help me find the answer and solutions for these questions?

  1. Can someone help me find the answer and solutions for these questions?Ace company provided the following information on December 31,2020: Petty cash fund50,000 Current account - First Bank 4.000.000 Current account - Second Bank

Ace company provided the following information on December 31,2020: Petty cash fund 50,000 Current account - First Bank 4.000.000 Current account - Second Bank (250,000) Money market placement - Third Bank 1,000,000 Time deposit - Fourth Bank 2,000,000 . The petty cash fund included unreplenished December 2020 petty cash expense vouchers for P15,000 and an employee check for P5.000 dated January 31.2021 . A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021 . The Fourth Bank time deposit is set aside for land acquisition in early January 2021 What total amount should be reported as cash and cash equivalents on December 31, 20201Michael Company provided the following information about accounts receivable on December 31,2020: 0-60 days outstanding 6,000,000 5% uncollectible 61-120 days outstanding 4,500,000 10% uncollectible Over 120 days outstanding 5,000,000 1,250,000 uncollectible During 2020, the entity wrote off P700,000 in accounts receivable and recovered P300,000 that had been written off in prior years. On January 1,2020, the allowance for uncollectible accounts was P500,000. Under the aging method, what amount of uncollectible accounts expense should be reported for 2020?On December 15, 2020, Mar Company established an imprest cash fund for P 10,000 by writing a check drawn against its general checking account. On December 31, 2020, the fund was replenished and contained the following: Currencies and coins 3,000 Receipts for office supplies 4,000 Receipts for postage (P 500 is still unused) 2,000 Receipts for transportation 600 On December 31, the company wrote a check to replenish the fund. What is the petty cash fund balance to be reported in the statement of financial position as of December 31, 2020

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