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17. These are short-term, highly liquid investments that are so near their maturity that they represent insignificant risk of changes in value due to changes in interest rates. Cash and Cash equivalents Treasury bills Treasury notes Cash equivalents а. b. С. d.

17. These are short-term, highly liquid investments that are so near their maturity that they represent insignificant risk of changes in value due to changes in interest rates. Cash and Cash equivalents Treasury bills Treasury notes Cash equivalents а. b. С. d.

FINANCIAL ACCOUNTING
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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4G1 1:14 O 38 + Aavances to empioyees A sheet of paper with names of several employees together with contribution to bereaved employee, attached is a currency of 2,220 Checks: 2,400 Check drawn to the order of the petty cash custodian 3,000 2,400 Personal check drawn by the petty cash custodian The entry to replenish the fund on December 31, 20x1 includes a credit to cash shortage or overage for P2,910. debit to cash shortage or overage for P2,910. credit to cash in bank for P9,450, a. b. C. d. credit to petty cash fund for P9,450. 30. In a bank reconciliation, deposits not recorded by the bank are: a. added to the balance according to the bank statement b. deducted from the according to the bank statement C. added to the balance according to the depositor's records d. deducted from the balance according to the depositor's records For 31 to 35 You gathered the following November 30 bank reconciliation from the cash records of the Thorgate Company in connection with your audit of the company's financial statements for the year 2016: Balance per bank P 560.000 Deposits in transit Outstanding checks ( 160,000) 123.200 Balance per books Results for the month of December follow: P 523,200 Bank Books Balance December 31 P692,000 P740,000 December deposits 400,000 464,800 December checks 320,000 248,000 December note collected (not included in deposits) 80,000 December bank service charge December NSF check, returned by the bank (recorded by bank as a charge) 1,200 - 26,800 The deposits in transit as of December 31, 2016 is c. P188,000 d. P108,000 31. a. P64,800 b. P268,000 32. The outstanding checks as of December 31, 2016 is P 72,000 c. P 88,000 d. P114,800 а. b. P116,000 33. The adjusted cash balance as of December 31, 2016 is P684,800 c. P844,000 a. b. P792,000 d. P765,200 I U A ... !! B
Transcribed Image Text:4G1 1:14 O 38 + Aavances to empioyees A sheet of paper with names of several employees together with contribution to bereaved employee, attached is a currency of 2,220 Checks: 2,400 Check drawn to the order of the petty cash custodian 3,000 2,400 Personal check drawn by the petty cash custodian The entry to replenish the fund on December 31, 20x1 includes a credit to cash shortage or overage for P2,910. debit to cash shortage or overage for P2,910. credit to cash in bank for P9,450, a. b. C. d. credit to petty cash fund for P9,450. 30. In a bank reconciliation, deposits not recorded by the bank are: a. added to the balance according to the bank statement b. deducted from the according to the bank statement C. added to the balance according to the depositor's records d. deducted from the balance according to the depositor's records For 31 to 35 You gathered the following November 30 bank reconciliation from the cash records of the Thorgate Company in connection with your audit of the company's financial statements for the year 2016: Balance per bank P 560.000 Deposits in transit Outstanding checks ( 160,000) 123.200 Balance per books Results for the month of December follow: P 523,200 Bank Books Balance December 31 P692,000 P740,000 December deposits 400,000 464,800 December checks 320,000 248,000 December note collected (not included in deposits) 80,000 December bank service charge December NSF check, returned by the bank (recorded by bank as a charge) 1,200 - 26,800 The deposits in transit as of December 31, 2016 is c. P188,000 d. P108,000 31. a. P64,800 b. P268,000 32. The outstanding checks as of December 31, 2016 is P 72,000 c. P 88,000 d. P114,800 а. b. P116,000 33. The adjusted cash balance as of December 31, 2016 is P684,800 c. P844,000 a. b. P792,000 d. P765,200 I U A ... !! B
4G1 1:15 O 38 17. These are short-term, highly liquid investments that are so near their maturity that they represent insignificant risk of changes in value due to changes in interest rates. Cash and Cash equivalents Treasury bills Treasury notes Cash equivalents a. b. C. d. Cash in foreign currency is valued at face value. 18. a. b. current exchange rate. C. current exchange rate reduced by an allowance for expected decline in peso. d. estimated realizable value. 19. The following were the transactions involving an entity's petty cash fund during the period. July. 1, 20x1 Established P30,000 petty cash fund. July 1 through 21, 20x1 Disbursements: Office supplies expense Transportation expenses Repairs and maintenance P4,200 10,500 3,000 Miscellaneous expense 9,000 Total P26,700 July 22, 20x1 Total coins and currencies in the petty cash box is P1,500. Replenishment is made. The petty cash fund is not replenished and financial statements are prepared on July 31, 20x1. The month-end adjustment to the petty cash fund would not include a debit to receivable from custodian for P1.80o. a. credit to petty cash fund for P28,500. total debits to various expense accounts for P26,700. b. C. d. credit to cash in bank for P28,500. 20. On December 31, 20x1, the petty cash fund of Kristelle Co. with a general leger balance of P15,000 comprises the following: Coins and currencies Petty cash vouchers: Gasoline for delivery equipment Medical supplies for employees Advances to employees 3,000 2,040 2,550 IOU's: 5,040 A sheet of paper with names of several employees together with contribution to bereaved employee, attached is a currency of Checks: 2,220 2,400 Check drawn to the order of the petty cash custodian 3,000 Personal check drawn by the petty cash custodian 2,400 The entry to replenish the fund on December 31, 20x1 includes a credit to cash shortage or overage for P2,910. debit to cash shortage or overage for P2,910. a. b. C. credit to cash in bank for P9,450. d. credit to petty cash fund for P9,450. 30. In a bank reconciliation, deposits not recorded by the bank are: а. added to the balance according to the bank statement b. deducted from the balance according to the bank statement added to the balance according to the depositor's records C. d. deducted from the balance according to the depositor's records I U A !! lil
Transcribed Image Text:4G1 1:15 O 38 17. These are short-term, highly liquid investments that are so near their maturity that they represent insignificant risk of changes in value due to changes in interest rates. Cash and Cash equivalents Treasury bills Treasury notes Cash equivalents a. b. C. d. Cash in foreign currency is valued at face value. 18. a. b. current exchange rate. C. current exchange rate reduced by an allowance for expected decline in peso. d. estimated realizable value. 19. The following were the transactions involving an entity's petty cash fund during the period. July. 1, 20x1 Established P30,000 petty cash fund. July 1 through 21, 20x1 Disbursements: Office supplies expense Transportation expenses Repairs and maintenance P4,200 10,500 3,000 Miscellaneous expense 9,000 Total P26,700 July 22, 20x1 Total coins and currencies in the petty cash box is P1,500. Replenishment is made. The petty cash fund is not replenished and financial statements are prepared on July 31, 20x1. The month-end adjustment to the petty cash fund would not include a debit to receivable from custodian for P1.80o. a. credit to petty cash fund for P28,500. total debits to various expense accounts for P26,700. b. C. d. credit to cash in bank for P28,500. 20. On December 31, 20x1, the petty cash fund of Kristelle Co. with a general leger balance of P15,000 comprises the following: Coins and currencies Petty cash vouchers: Gasoline for delivery equipment Medical supplies for employees Advances to employees 3,000 2,040 2,550 IOU's: 5,040 A sheet of paper with names of several employees together with contribution to bereaved employee, attached is a currency of Checks: 2,220 2,400 Check drawn to the order of the petty cash custodian 3,000 Personal check drawn by the petty cash custodian 2,400 The entry to replenish the fund on December 31, 20x1 includes a credit to cash shortage or overage for P2,910. debit to cash shortage or overage for P2,910. a. b. C. credit to cash in bank for P9,450. d. credit to petty cash fund for P9,450. 30. In a bank reconciliation, deposits not recorded by the bank are: а. added to the balance according to the bank statement b. deducted from the balance according to the bank statement added to the balance according to the depositor's records C. d. deducted from the balance according to the depositor's records I U A !! lil
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