What is the cash in the bank that should be reported

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Reference no: EM132915484

Reconciliation of Gonzales Company's bank account at May 31 of the current year is:

Balance per bank statement........................2,600,000
Deposit outstanding.................................. 300,000
Checks outstanding...................................(100,000)
Correct cash balance............................... 2,800,000

Balance per book....................................... 2,810,000
Bank service charge.................................... (10,000)
Correct cash balance.....................................2,800,000

June data as follows:
                                                                                  Bank ..................... Book
Checks recorded............................................2,200,000.................2,500,000
Deposits recorded..........................................1,600,000................ 1,800,000
Service charges recorded.................................... 60,000
Collection by bank, P500, 000
note plus interest........................................550,000
NSF check returned with June 30 statements
(will be re-deposited).................................... 100,000
Balances ......................................................,400,000................. 2,100,000

Problem 1: What is the cash in the bank that should be reported in the statement of financial position on June 30?

Reference no: EM132915484

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