During your audit of Baguio Corporation for the year 2020, the following were presented to you...

   

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During your audit of Baguio Corporation for the year 2020, the following were presented to you in connection to your audit of its Cash and Cash Equivalent account: Petty Cash Fund which consists of the following: Currencies and coins 20,000 8,000 Various expense receipts 10,000 Employee advances 2,000 Treasury Bilis as follows: 1,000,000 Purchased on December 31, 2020, due on March 1, 2021 400,000 600,000 Purchased on January 31, 2020. due on January 31, 2021 Cash in Bank accounts: 8,800,000 Checking Account - Bank of the Philippine Islands Checking Account - Banco de Oro Checking Account - RCBC (Payroll Account) USS Savings Accounts - Metrobank (Restricted) Peso Equivalent 4,000,000 -200,000 1,000,000 2,000,000 Various Checks: 108,000 Employees check dated January 10. 2021 8,000 100,000 Traveler's Check Others: 752,000 Postage Stamps 2,000 Various Checks: 108.000 Employees check dated January 10, 2021 8,000 Traveler's Check 100,000 Others: 752.000 Postage Stamps 2,000 IOU from company president's brother Credit memorandum from supplier for purchase return Postal Money Order Treasury Warrants Listed stocks held as temporary investments 20,000 40.000 60,000 600,000 30,000 Required: Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on its December 31, 2020 statement of financial position? During your audit of Baguio Corporation for the year 2020, the following were presented to you in connection to your audit of its Cash and Cash Equivalent account: Petty Cash Fund which consists of the following: Currencies and coins 20,000 8,000 Various expense receipts 10,000 Employee advances 2,000 Treasury Bilis as follows: 1,000,000 Purchased on December 31, 2020, due on March 1, 2021 400,000 600,000 Purchased on January 31, 2020. due on January 31, 2021 Cash in Bank accounts: 8,800,000 Checking Account - Bank of the Philippine Islands Checking Account - Banco de Oro Checking Account - RCBC (Payroll Account) USS Savings Accounts - Metrobank (Restricted) Peso Equivalent 4,000,000 -200,000 1,000,000 2,000,000 Various Checks: 108,000 Employees check dated January 10. 2021 8,000 100,000 Traveler's Check Others: 752,000 Postage Stamps 2,000 Various Checks: 108.000 Employees check dated January 10, 2021 8,000 Traveler's Check 100,000 Others: 752.000 Postage Stamps 2,000 IOU from company president's brother Credit memorandum from supplier for purchase return Postal Money Order Treasury Warrants Listed stocks held as temporary investments 20,000 40.000 60,000 600,000 30,000 Required: Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on its December 31, 2020 statement of financial position?

Answer rating: 100% (QA)

2 CASH AND CASH EQUIVALANTSAS PER THE STATEMENT AS ON DEC31ST 2020 Petty cash 20000 treassury bi... View the full answer