ABC's financial record shows the following cash data: Cash Balance, 1/1/2020 325,000 Cash receipts 437,000 Cash Disbursement 270,000 ABC would like to maintain a end of the month cash balance of $520,000, the amount the company would have to borrow is
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Sheridan Company provided the following information for the month of October: Beginning cash balance=$34700 Cash receipts=459600 Cas disbursements=486000 Sheridan's policy is to keep a minimum end-of-the-month cash balance of $29300. How much will Sheridan need to borrow during October? $21000 $26400 $8300 $0what total amount should be reported as cash and cash equivalents?
- In reconciling the Cash in Bank of Cake Company with the bank statement balance for the month of November 2023, the following data are summarized: Book debits for November, including October CM for note collected, P75,000-P850,000 Book credits for November, including NSF of P20,000 and service charge of P600 for October- P620,000 Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000-P700,000 Bank Debits for November including October outstanding checks of P200,720 and November service charge of P180- P650,000 What is the amount of outstanding checks for November?*The December 31,2020 trial balance of DDD Company includes the followingaccounts:Cash on hand 1,000,000Petty cash fund 40,000Security Bank current account 2,000,000PNB Current account No. 1 800,000PNB Current account No. 2 ( 100,000)BSP Treasury bill – 60 days 6,000,000BPI time deposit – 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021. A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020. The BPI time deposit is set aside for acquisition of land to be used as afactory site.4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?QuestionSteinert Company has the following items at year-end:Cash in bank £52,500Petty cash 850Commercial paper with maturity of 2 months 7,200Postdated checks 3,100What amount Steinert should report as cash and cash equivalents?
- Write up the Fasihatul Enterprise two-column cashbook for the following details and balance it off at the end of the month. Cash Date (2020) Details RM Date Details RM Jul-01 Capital 30000 Jul-02 Bank 25000 11 Sales 150 7 Purchases 400 29 Sales 300 15 Plus SdnBhd 600 21 Carriage outwards 160 30 Salary expenses 850 31 Balance c/d 3440 30450 30450 Aug-01 Balance b/d 3440 Bank Date (2020) Details RM Date Details RM Jul-02 Cash 25000 Jul-05 Equipment 3000 23 Sales 180 19 Rent expense 450 27 Electricity expense 45 31 Balance c/d 21685 25180 25180 Aug-01 Balance b/d 21685 Prepare two column cash book. Close the account.How much should be the adjusted Cash in Bank balance as of December 31, 2020? The December 31, 2020 trial balance of Hero Company included the following accounts: Cash on hand 500,000 Petty cash fund P 20,000 Security Bank current 1,000,000 account PNB current account 350,000 BSP treasury bill - 60 days 3,000,000 BPI time deposit - 30 days 2,000,000 Details are as follows: 1. The cash on hand included a customer postdated check of P100,000. 2. The petty cash fund included unreplenished petty cash vouchers for P2,000 and an employee check for P3,000 dated January 31, 2021. 3. A check for P200,000 was drawn by the company against its Security Bank account, dated January 15, 2021, delivered to the payee and recorded on December 29, 2020. 4. The BPI time deposit is set aside for acquisition of land to be used as a factory site. What total amount of cash and cash equivalents should be reported in the statement of financial position on December 31, 2020?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…
- Ramon Manufacturing has a cash balance of P8,000 on August 1 of the current year.The company’s controller forecast the following cash receipts and cash disbursementsfor the upcoming two months of activity.Receipts PaymentsAugust P 45,000 P 57,000September 66,000 56,000Management desires to maintain a minimum cash balance of P8,000 at all times. If necessary, additional financing can be obtained in P1,000 multiples at a 12% interest rate. All borrowings are made at the beginning of the month; debt retirement, on the otherhand, occurs at the end of the month. Interest is paid at the time of repaying loan principal and is computed on the portion of debt repaid. 1. Determine the ending cash balance in August both before and after anynecessary financing or debt retirement.Tranvia Company revealed the following information on December 31, 20X1: Cash in checking account 350,000 Cash in money market account (debt instruments) 750,000 Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 3,500,000 Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 20X1?What total amount of cash and cash equivalents should be reported on December 31, 2021?