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Find what amount of petty cash fund should be reported

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Reference no: EM132837292

Cassy Company established a petty cash fund of P50,000 with the following information:

Coin and currency 22,000

Petty cash vouchers:

Gasoline 3,000

Medical supplies 1,000

Repairs 1,500

IOU from an employee 3,500

Check drawn payable to the order of Ann Cruz, petty cash custodian, representing her salary 15,000

Check of an employee returned by bank marked "NSF" 3,000

A sheet of paper with the names of several employees

together with a contribution for a birthday party

and attached to the sheet of paper is a currency of 5,000

Problem 1: What amount of petty cash fund should be reported?

a. 42,000

b. 27,000

c. 37,000

d. 22,000

Reference no: EM132837292

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