10. On December 31, 2021, the trial balance of Hello-hi Company reveals the following account balances:Petty cash fund - FinanceP 40,000Revolving fund - Operations20,000Current account - Citi bank3,000,000Current account - HSBC (overdraft)(250,000)Money market placement - JP Morgan2,000,000Page 4 of 7Time deposit - Duetche Bank2,000,000Note that the petty cash fund includes unreplenished December 2021 petty cash expense vouchers forP10,000 and an employee check for PS,000 dated January 31, 2022. There's a check for P45,000 that wasdrawn against Citi Bank current account dated and recorded December 29, 2021 but delivered to payee onJanuary 15, 2022. And lastly, the Han Bank time deposit is set aside for plant expansion in February 2022.The December 31, 2021 balance sheet should report "cash and cash equivalents" atA 5,095,000B. 5,090,000C. 3,090,000D. 3,060,00011. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021:2,600,000700,000300,0002,000,0003,000,000Cash in bank - CheckingCash in bank - SavingsCash on handCash in bank - restrictedTreasury billsThe restricted cash in bank account is opened specifically for building construction expected to bedisbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5.2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are theAccountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as ofDecember 31, 2021?A 6,300,000C. 6,600,000D. 8,700,0008. 6,500,000 8. White ink Company reported a Cash and Cash Equivalent balance of P1,187,500 on December 31, 2022which consisted of the followingPetty cash fund (of which P390 is unreplenished vouchers for expenses, P75 is IOUnotes and remaining currencies and coins amounting to P1,900).P 2.500Cash in bank, general account A, net of P12,500 bank overdraft in the general payrollaccount in a diferent bank.312.500Cash on hand including customers postdated checks of P3,250.12,500Cash in bank, Administrators payroll account, after checks amounting to P62,s00daned December 31, 2022 but unreleased as of December 31, 2022.375,000Savings deposit, earmarked for the acquisition of buliding which are expected to bedisbursed within 6 months from reporting date.300,000Money Market instrument purchased on December 25, 2022 maturing on April 25.50,0002023.Cash in bank, General account 8, including unrestricted compensating balances ofP100,000.135,000How much is the correct amount of Cash and Cash Equivalents to be shown in the Statement of FinancialPosition at December 31, 2022?C .285D. 908,650A SO8S00. On December 31, 2022, the cash account of Motbile Legends Company shows the following compositionCash:Traveler's checkP 10.000Manager's check23,000Petty cash Fund fincluding expense receipts for P3,000)6,000Savings account, including compensating balance of P40,000 are legaly restricted200,000Postage stamps1,000Ous from the officers3,000Bank draft in a checking account with Alied BankChecking account in Doug Bank, per book oPostal money order20,000joutstanding checks as of year end is P10.000)90,00020,000Deposit segregated to pay dividends100,000Cash Equivalents:Securities:Date AcquiredMaturity / Redemption DateAmountTreasury bis01/30/2201/30/23PI8,000Money Market11/01/2204/01/2370,000Certificate of Deposit02/28/2350,00012/01/2209/15/22Investment in Preference Shares01/15/2312,000How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet?A 456.000& 516,000C 466,000D. S26,000

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10. On December 31, 2021, the trial balance of Hello-hi Company reveals the following account balances: Petty cash fund - Finance P 40,000 Revolving fund - Operations 20,000 Current account- Oti bank 3,000,000 Current account - HSBC (overdraft) Money market placement - JP Morgan (250,000) 2,000,000 Page 4 of 7 Time deposit - Duetche Bank 2,000,000 Note that the petty cash fund includes unreplenished December 2021 petty cash expense vouchers for P10,000 and an employee check for PS,000 dated lanuary 31, 2022. There's a check for P45,000 that was drawn against Citi Bank current account dated and recorded December 29, 2021 but delivered to payee on January 15, 2022. And lastly, the Han Bank time deposit is set aside for plant expansion in February 2022. The December 31, 2021 balance sheet should report "cash and cash equivalents" at A 5,095,000 8. 5,090,000 C 3,090,000 D. 3,060,000

10. On December 31, 2021, the trial balance of Hello-hi Company reveals the following account balances: Petty cash fund - Finance P 40,000 Revolving fund - Operations 20,000 Current account- Oti bank 3,000,000 Current account - HSBC (overdraft) Money market placement - JP Morgan (250,000) 2,000,000 Page 4 of 7 Time deposit - Duetche Bank 2,000,000 Note that the petty cash fund includes unreplenished December 2021 petty cash expense vouchers for P10,000 and an employee check for PS,000 dated lanuary 31, 2022. There's a check for P45,000 that was drawn against Citi Bank current account dated and recorded December 29, 2021 but delivered to payee on January 15, 2022. And lastly, the Han Bank time deposit is set aside for plant expansion in February 2022. The December 31, 2021 balance sheet should report "cash and cash equivalents" at A 5,095,000 8. 5,090,000 C 3,090,000 D. 3,060,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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prepare the adjusted cash book account. prepare a Bank Reconciliation Statement as at 31 December 2020. state three reasons of dishonored cheques.
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Hh1. Prepare the bank reconciliation and corresponding journal entries. ONE SIDE BANK BALANCE AND OTHER SIDE BALANCE PER GENERAL LEDGER(BOOK BALANCE)
what total amount should be reported as cash and cash equivalents?
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