A company paid $40,000 cash to purchase one Bitcoin on January 8, 2021. Bitcoin's price fell to $30,305 per coin on January 11, 2021, and recovered to $33,087 per coin on January 31, 2021. If these are the only events involving Bitcoin, indicate which of the following the company would report in its financial statements on January 31, 2021. (Check all that apply.)
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- The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Based on the above, answer the following questions: Cuay Corporation BANK RECONCILIATION 13. What is the total book receipts for December? 14. What is the cash balance per books on December 31, 2020? 15. What is the total outstanding checks on December 31, 2020? 16. What is the adjusted cash balance on November 30, 2020? 17. What is the adjusted cash balance on December 31, 2020? November 30, 2020 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 P 435,000 P 6,000 15,000 Check No. 4340 1,700 Check No. 4341 The cash receipts and cash payments of Detuya Company for April 2020 follow: 4,675 27,375 P 407,625 16,200 P 423,825 Total Add: Deposits in transit Balance per books CASH RECEIPTS CASH PAYMENTS Date Cash Debit Check No. Cash Credit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 P 44,550 7,350 96,500 33,200 73,600 50,000 31,600…A private enterprise sold some merchandise for $160,000 on January 1, 2020. The customer paid $20,000 in cash and issued a note for the remainder. The principal will be due in 2 years, and a 5% interest is due every December 31st. The customer’s borrowing rate is unknown. Assume that the customer’s borrowing rate is unknown and that the merchandise cash price is $150,000 (everything else holds true). Calculate the imputed interest rate and the interest revenue to be recorded on December 31, 2020 under IFRS.KC Company's Dec. 31, 2021 cash balance is P8,350,000 before possible adjustments for the following: Found in KC Company's safe are the following: • *Customer check dated Jan. 8, 2022 amounting to P93,500. • "KC Co.'s own check, amounting to P75,000, drawn on Dec. 27, 2021 and dated also as of that date. • *Bank draft received from a customer amounting to $53,000, initially recorded at the exchange rate of P52.50:$1. The bank draft is payable on demand upon presentation with the bank. The exchange rate on Dec. 31, 2021 is P51.40:S1. • Bond certificates totaling P500,000 and all maturing on February 14, 2022. The bonds were acquired on Nov. 16, 2021 and were debited to the "Investments in Debt Securities" account. • "Included in the cash balance is a bank deposit amounting to P2,800,000, which includes a compensating balance of P700,000 that is legally restricted as to withdrawal. How much cash and cash equivalents is presented in KC Company's Dec. 31, 2021 statement of financial…
- KC Company's Dec. 31, 2021 cash balance is P8,350,000 before possible adjustments for the following: Found in KC Company's safe are the following: *Customer check dated Jan. 8, 2022 amounting to P93,500. • "KC Co.'s own check, amounting to P75,000, drawn on Dec. 27, 2021 and dated also as of that date. • *Bank draft received from a customer amounting to $53,000, initially recorded at the exchange rate of P52.50:$1. The bank draft is payable on demand upon presentation with the bank. The exchange rate on Dec. 31, 2021 is P51.40:$1. • *Bond certificates totaling P500,000 and all maturing on February 14, 2022. The bonds were acquired on Nov. 16, 2021 and were debited to the "Investments in Debt Securities" account. • "Included in the cash balance is a bank deposit amounting to P2,800,000, which includes a compensating balance of P700,000 that is legally restricted as to withdrawal. How much cash and cash equivalents is presented in KC Company's Dec. 31, 2021 statement of financial…VKS Company’s “cash count” as of December 31, 2021, is composed of the following:· Cash on Hand- P500,000· Demand Deposit- P2,000,000· Time Deposit, 30 days- P1,000,000· NSF Check of customer- P40,000· Money market placement (due June 30, 2022)- P1,500,000· Savings Deposit in a closed bank- P100,000· IOU from employee- P20,000· Pension Fund- P3,000,000· Petty Cash Fund- P10,000· Customer’s Check dated January 1, 2022- P50,000· Customer’s Check outstanding for 18 months- P40,000· Unused credit line- P500, 000 Additional information:a. Check of P200, 000 in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.b. Check of P100, 000 dated January 15, 2022, in payment of accounts payable was recorded and mailed on December 31, 2021.c. The company uses the calendar year. The Cash Receipt Journal was held open until January 15, 2022, during which time P400, 000 was…Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the note was sold to a bank at a 15% discount rate. Required: a. Compute the proceeds. Assume a 360-day year. b. If the maker dishonored the note at maturity, prepare the entry for Max Corp. assuming $75 of bank protest fees. If an amount box does not require an entry, leave it blank.
- On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $120,900 on December 31, 2022. The proceeds of the note were $116,400. Required: a. Calculate the discount rate used by the lender.The balance in Milk Tea Company’s accounts payable at December 31, 2021 was P2,500,000 before considering the following information:· On December 27, 2021, Milk Tea wrote checks to creditors totaling P500,000. The checks were released and recorded on January 3, 2022.· On December 28, 2021, Milk Tea received goods from suppliers amounting to P350,000, terms 3/10, 2/15, n/30, FOB Destination. The related invoice was received and recorded on January 2, 2022. The company uses the net method to account for cash discounts.· Milk Tea’s supplier erroneously billed a purchase made on cash. The invoice cost was P500,000, terms 2/10, n/30. The related invoice was received and recorded on December 22, 2021.· A debit balance in a supplier’s account amounting to P50,000 was charged against the accounts payable ledger balance. The amount represents advance payments for goods to be delivered in January 2022.· A credit balance in a customer’s account amounting to P37,500…*P7.13 (Bank Reconciliation and Adjusting Entries) The cash account of Aguilar Co. showed a ledger balance of $3,969.85 on June 30, 2020. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash records, the following facts were determined. 1. There were bank service charges for June of $25. 2. A bank memo stated that Bao Dai’s note for $1,200 and interest of $36 had been collected on June 29, and the bank had made a charge of $5.50 on the collection. (No entry had been made on Aguilar’s books when Bao Dai’s note was sent to the bank for collection.) 3. Receipts for June 30 for $3,390 were not deposited until July 2. 4. Checks outstanding on June 30 totaled $2,136.05. 5. The bank had charged the Aguilar Co.’s account for a customer’s uncollectible check amounting to $253.20 on June 29. 6. A customer’s check for $90 (as payment on the customer’s Accounts Receivable) had been entered as $60 in the cash receipts…
- On June 12, 2022, FDNACCT Services issued a 90-day, 12%, P430,000 note for money borrowed which was used to purchase several computers. FDNACCT honored the note on maturity date. How much was the total cash paid to settle the note?On October 1, 2025, Sheffield, Inc. assigns $1,160,700 of its accounts receivable to Tamarisk National Bank as collateral for a $747,900 note. The bank assesses a finance charge of 3% of the receivables assigned and interest on the note of 9%. Prepare the October 1 journal entries for both Sheffield and Tamarisk. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)Required information [The following information applies to the questions displayed below.] On August 1, 2022, Colombo Company's treasurer signed a note promising to pay $122,400 on December 31, 2022. The proceeds of the note were $116,400. c. 1. Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. 2. Record the journal entry to show the effects of recording interest expense for the month of September. 3. Record the journal entry to show the effects of repaying the note on December 31, 2022. Complete this question by entering your answers in the tabs below. Required C1 Required C2 Required C3 Record the journal entry to show the effects of signing the note and the receipt of the cash proceeds on August 1, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1