Hechter Company's checkbook balance as of December 31, 2020 was P1,750,000. On the same date, Hechter...

 

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Hechter Company's checkbook balance as of December 31, 2020 was P1,750,000. On the same date, Hechter had the following items on its safe, together with 18 blank checks: a. A P70,000 check payable to Hechter Co., dated January 2, 2021 that was included in the December 31 checkbook balance. b. A P300,000 check payable to a supplier and drawn on Hechter Co.'s account that was dated and recorded December 31 but not mailed until January 3, 2021. What amount of cash should Hechter Co. report on its December 31, 2020 statement of financial position? Hechter Company's checkbook balance as of December 31, 2020 was P1,750,000. On the same date, Hechter had the following items on its safe, together with 18 blank checks: a. A P70,000 check payable to Hechter Co., dated January 2, 2021 that was included in the December 31 checkbook balance. b. A P300,000 check payable to a supplier and drawn on Hechter Co.'s account that was dated and recorded December 31 but not mailed until January 3, 2021. What amount of cash should Hechter Co. report on its December 31, 2020 statement of financial position?

Answer rating: 100% (QA)

Hachter Co checkbook balance as of December 31 2020 was P1750000 On the same date Hechter had the fo... View the full answer