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
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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 - Citi bank
3,000,000
Current account - HSBC (overdraft)
(250,000)
Money market placement - JP Morgan
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 January 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
B. 5,090,000
C. 3,090,000
D. 3,060,000
11. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021:
2,600,000
700,000
300,000
2,000,000
3,000,000
Cash in bank - Checking
Cash in bank - Savings
Cash on hand
Cash in bank - restricted
Treasury bills
The restricted cash in bank account is opened specifically for building construction expected to be
disbursed 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 the
Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of
December 31, 2021?
A 6,300,000
C. 6,600,000
D. 8,700,000
8. 6,500,000
Transcribed Image Text: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 - Citi bank 3,000,000 Current account - HSBC (overdraft) (250,000) Money market placement - JP Morgan 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 January 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 B. 5,090,000 C. 3,090,000 D. 3,060,000 11. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: 2,600,000 700,000 300,000 2,000,000 3,000,000 Cash in bank - Checking Cash in bank - Savings Cash on hand Cash in bank - restricted Treasury bills The restricted cash in bank account is opened specifically for building construction expected to be disbursed 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 the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021? A 6,300,000 C. 6,600,000 D. 8,700,000 8. 6,500,000
8. White ink Company reported a Cash and Cash Equivalent balance of P1,187,500 on December 31, 2022
which consisted of the following
Petty cash fund (of which P390 is unreplenished vouchers for expenses, P75 is IOU
notes and remaining currencies and coins amounting to P1,900).
P 2.500
Cash in bank, general account A, net of P12,500 bank overdraft in the general payroll
account in a diferent bank.
312.500
Cash on hand including customers postdated checks of P3,250.
12,500
Cash in bank, Administrators payroll account, after checks amounting to P62,s00
daned December 31, 2022 but unreleased as of December 31, 2022.
375,000
Savings deposit, earmarked for the acquisition of buliding which are expected to be
disbursed within 6 months from reporting date.
300,000
Money Market instrument purchased on December 25, 2022 maturing on April 25.
50,000
2023.
Cash in bank, General account 8, including unrestricted compensating balances of
P100,000.
135,000
How much is the correct amount of Cash and Cash Equivalents to be shown in the Statement of Financial
Position at December 31, 2022?
C .285
D. 908,650
A SO8S00
. On December 31, 2022, the cash account of Motbile Legends Company shows the following composition
Cash:
Traveler's check
P 10.000
Manager's check
23,000
Petty cash Fund fincluding expense receipts for P3,000)
6,000
Savings account, including compensating balance of P40,000 are legaly restricted
200,000
Postage stamps
1,000
Ous from the officers
3,000
Bank draft in a checking account with Alied Bank
Checking account in Doug Bank, per book o
Postal money order
20,000
joutstanding checks as of year end is P10.000)
90,000
20,000
Deposit segregated to pay dividends
100,000
Cash Equivalents:
Securities:
Date Acquired
Maturity / Redemption Date
Amount
Treasury bis
01/30/22
01/30/23
PI8,000
Money Market
11/01/22
04/01/23
70,000
Certificate of Deposit
02/28/23
50,000
12/01/22
09/15/22
Investment in Preference Shares
01/15/23
12,000
How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet?
A 456.000
& 516,000
C 466,000
D. S26,000
Transcribed Image Text:8. White ink Company reported a Cash and Cash Equivalent balance of P1,187,500 on December 31, 2022 which consisted of the following Petty cash fund (of which P390 is unreplenished vouchers for expenses, P75 is IOU notes and remaining currencies and coins amounting to P1,900). P 2.500 Cash in bank, general account A, net of P12,500 bank overdraft in the general payroll account in a diferent bank. 312.500 Cash on hand including customers postdated checks of P3,250. 12,500 Cash in bank, Administrators payroll account, after checks amounting to P62,s00 daned December 31, 2022 but unreleased as of December 31, 2022. 375,000 Savings deposit, earmarked for the acquisition of buliding which are expected to be disbursed within 6 months from reporting date. 300,000 Money Market instrument purchased on December 25, 2022 maturing on April 25. 50,000 2023. Cash in bank, General account 8, including unrestricted compensating balances of P100,000. 135,000 How much is the correct amount of Cash and Cash Equivalents to be shown in the Statement of Financial Position at December 31, 2022? C .285 D. 908,650 A SO8S00 . On December 31, 2022, the cash account of Motbile Legends Company shows the following composition Cash: Traveler's check P 10.000 Manager's check 23,000 Petty cash Fund fincluding expense receipts for P3,000) 6,000 Savings account, including compensating balance of P40,000 are legaly restricted 200,000 Postage stamps 1,000 Ous from the officers 3,000 Bank draft in a checking account with Alied Bank Checking account in Doug Bank, per book o Postal money order 20,000 joutstanding checks as of year end is P10.000) 90,000 20,000 Deposit segregated to pay dividends 100,000 Cash Equivalents: Securities: Date Acquired Maturity / Redemption Date Amount Treasury bis 01/30/22 01/30/23 PI8,000 Money Market 11/01/22 04/01/23 70,000 Certificate of Deposit 02/28/23 50,000 12/01/22 09/15/22 Investment in Preference Shares 01/15/23 12,000 How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet? A 456.000 & 516,000 C 466,000 D. S26,000
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