Exercise 1-4An analysis of the Cash account of the HYACINTH COMPANY revealed the followingdetails as of Dec. 31, 2019:1. Petty cash fund (cleared of non-fund items)2. Change fund3. Undeposited collections4. Cash in bank- BDO5. Cash in bank PNB6. Cash in bank-sinking fund7. Cash deposited with a closed bank8. Demand deposits with Bank of America9. Time deposit (60 days) with China Bank10. Cash in bank- for building constructionREQUIRED:1. At what amount should cash as a current asset appear in the balance sheet?2. How will the other accounts be reported?Exercise 1-5P4,7002,0008,00020,000(4,000)40,00012,00080,000120,000240,000The cash account of the EVERGREEN COMPANY showed a credit balance of P30,000after checks totaling P45,000 have been prepared in payment of outstanding liabilities withsuppliers and credited to cash in bank as of Dec. 31, 2019. The checks, however, were mailedonly on Jan. 5, 2020.REQUIRED:1. At what amount should cash as a current asset appear in the balance sheet? Prepare therelated adjusting entry as of Dec. 31, 2019.

Lets understand the basics.Cash equivalent is a item which can be easily converted into money in…

An analysis of the Cash account of the HYACINTH COMPANY revealed the following details as of Dec. 31, 2019: 1. Petty cash fund (cleared of non-fund items) 2. Change fund 3. Undeposited collections 4. Cash in bank- BDO 5. Cash in bank PNB 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America 9. Time deposit (60 days) with China Bank 10. Cash in bank- for building construction P4,700 2,000 8,000 20,000 (4,000) 40,000 12,000 80,000 120,000 240,000

An analysis of the Cash account of the HYACINTH COMPANY revealed the following details as of Dec. 31, 2019: 1. Petty cash fund (cleared of non-fund items) 2. Change fund 3. Undeposited collections 4. Cash in bank- BDO 5. Cash in bank PNB 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America 9. Time deposit (60 days) with China Bank 10. Cash in bank- for building construction P4,700 2,000 8,000 20,000 (4,000) 40,000 12,000 80,000 120,000 240,000

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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