Reference no: EM132798095
Question - Lipton Company shows the following account balances in their financial records as of December 31, 2020: Checking account at Morgan Bank (P20,000); Checking account at Land Bank P500,000; Payroll Account - National Bank, P100,000; Foreign bank account - restricted P750,000; Postage stamps, P 22, 000; Employees postdated checks P 30, 000, IOU from the president's brother, P 75, 000; Travelers check, P 50, 000; Non-sufficient funds check, P 18, 000; Petty Cash fund (P16,000) in currency and expenses receipts for (P84,000), P 100,000 and Cashier's checks P 36,000.
What is the correct cash balance to be reported in the balance sheet of Lipton Company on December 31, 2020?
a. P702,000
b. P582,000
c. P686,000
d. P704,000
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