Reference no: EM132829927
In connection with your audit of Jojo Corporation for the year ended December 31, 2018, you gathered the following:
Current account at Metrobank P2,000,000
Current account at BPI (100,000)
Payroll account 500,000
Foreign bank account - restricted (in equivalent pesos) 1,000,000
Postage stamps 1,000
Employees post-dated check 4,000
IOU from controller's sister 10,000
Credit memo from a vendor for a purchase return 20,000
Traveler's check 50,000
Not- sufficient-funds check 15,000
Money order 30,000
Petty cash fund (P4,000 in currency and expense receipts for P6,000) 10,000
Treasury bills, due 3/30/19 (purchased 12/29/18) 200,000
Treasury bills, due 1/31/19 (purchased 2/1/18) 300,000
Problem 1: Based on the above information and the result of your audit. Compute for the cash and cash equivalents that will be reported on the December31, 2018 statement of financial position.
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