Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. On December 31, 2020 LOL Co cash and cash equivalents account balance per ledger is as follows: • Demand deposit • Demand deposit 2 with another bank • Undeposited collections • Time deposit 30 days P 2,200,000 (100,000) 300,000 500,000 NSF check customer 20,000 300,000 35-day money market placement due 1/28/2021 • 45 day commercial paper sdue 02/04/2021 Savings deposit in a closed bank • IOu from an employee • Preferred redemption fund 80,000 50,000 20,000 100,000 Additional information includes a. Included in the demand deposit is a customer check at P200,000 dated January 19,2020. b. Customer's check of P50,000 is also included in the demand deposit dated Dec 31, 2019. The customer was informed that a new check will be issued in replacement but not yet done. c. Check of P70,000 was issued as of Dec 31, 2020 but yet to be mailed or delivered as of January 19, 2021. d. Check in payment of supplies for P60,000 was issued and recorded as of December 31,2020 but dated January 29,2021 What is the correct cash and cash equivalent balances of Dec 31, 2020?

1. On December 31, 2020 LOL Co cash and cash equivalents account balance per ledger is as follows: • Demand deposit • Demand deposit 2 with another bank • Undeposited collections • Time deposit 30 days P 2,200,000 (100,000) 300,000 500,000 NSF check customer 20,000 300,000 35-day money market placement due 1/28/2021 • 45 day commercial paper sdue 02/04/2021 Savings deposit in a closed bank • IOu from an employee • Preferred redemption fund 80,000 50,000 20,000 100,000 Additional information includes a. Included in the demand deposit is a customer check at P200,000 dated January 19,2020. b. Customer's check of P50,000 is also included in the demand deposit dated Dec 31, 2019. The customer was informed that a new check will be issued in replacement but not yet done. c. Check of P70,000 was issued as of Dec 31, 2020 but yet to be mailed or delivered as of January 19, 2021. d. Check in payment of supplies for P60,000 was issued and recorded as of December 31,2020 but dated January 29,2021 What is the correct cash and cash equivalent balances of Dec 31, 2020?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
On December 31, 2020 LOL Co cash and cash equivalents account balance per ledger is as follows: 1. Demand deposit Demand deposit 2 with another bank Undeposited collections • Time deposit 30 days • NSF check customer 35-day money market placement due 1/28/2021 45 day commercial paper sdue 02/04/2021 • Savings deposit in a closed bank • IOU from an employee Preferred redemption fund P 2,200,000 (100,000) 300,000 500,000 20,000 300,000 80,000 50,000 20,000 100,000 Additional information includes a. Included in the demand deposit is a customer check at P200,000 dated January 19,2020. b. Customer's check of P50,000 is also included in the demand deposit dated Dec 31, 2019. The customer was informed that a new check will be issued in replacement but not yet done. c. Check of P70,000 was issued as of Dec 31, 2020 but yet to be mailed or delivered as of January 19, 2021. d. Check in payment of supplies for P60,000 was issued and recorded as of December 31,2020 but dated January 29,2021 What is the correct cash and cash equivalent balances of Dec 31, 2020?
Transcribed Image Text:On December 31, 2020 LOL Co cash and cash equivalents account balance per ledger is as follows: 1. Demand deposit Demand deposit 2 with another bank Undeposited collections • Time deposit 30 days • NSF check customer 35-day money market placement due 1/28/2021 45 day commercial paper sdue 02/04/2021 • Savings deposit in a closed bank • IOU from an employee Preferred redemption fund P 2,200,000 (100,000) 300,000 500,000 20,000 300,000 80,000 50,000 20,000 100,000 Additional information includes a. Included in the demand deposit is a customer check at P200,000 dated January 19,2020. b. Customer's check of P50,000 is also included in the demand deposit dated Dec 31, 2019. The customer was informed that a new check will be issued in replacement but not yet done. c. Check of P70,000 was issued as of Dec 31, 2020 but yet to be mailed or delivered as of January 19, 2021. d. Check in payment of supplies for P60,000 was issued and recorded as of December 31,2020 but dated January 29,2021 What is the correct cash and cash equivalent balances of Dec 31, 2020?
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS