45. At what amount will the account "Cash" appear on the December 31, 2022 balance sheet? The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank A customer's check returned by the bank for insufficient fund 350,000 150,000 70,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total P1,950,000 300,000 Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories Balance per ledger P1,660,000

45. At what amount will the account "Cash" appear on the December 31, 2022 balance sheet? The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank A customer's check returned by the bank for insufficient fund 350,000 150,000 70,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees' I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total P1,950,000 300,000 Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories Balance per ledger P1,660,000

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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Your Corporation's unadjusted bank balance at September 30, 2021 is $400. The following information is available for the bank reconciliation. $900 $300. Deposits in transit, $500 Outstanding checks, $300 Bank service charges, $75 Bank collected an accounts receivable for Your Company, NSF check written by one of Your Company's customers, What is Your Company's true cash balance?
49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 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?
On february 28th, 2022, Mark, the accountant of the scented candle business Smells LTD, prepared the documents for his february bank reconciliation. He noted a Cash balance of $15,534 in the general ledger. The bank statement on that date showed a balance of $17,675. A comparison of the bank statement with the cash account revealed the following The bank statement included service charges and card processing fees of $50 The bank statement included electronic collections (EFT) from customers, totaling $5,520. Smells LTD had not recorded the EFT yet A deposit of $200 made by another company was incorrectly added to Breathe-ins account by their bank Recent deposits worth $5,400 are not currently showing on the bank statement Cheques outstanding on January 31 totaled $3,754. Of these, $1,883 cleared the bank in February and are no longer outstanding. All new cheques written in February cleared the bank during the month Enter amounts with the final number rounded to the nearest $.…
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The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
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