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-BDO 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America 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 9. 120,000 240,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet?
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-BDO 6. Cash in bank-sinking fund 7. Cash deposited with a closed bank 8. Demand deposits with Bank of America 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 9. 120,000 240,000 REQUIRED: 1. At what amount should cash as a current asset appear in the balance sheet?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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-BDO
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
REQUIRED:
1. At what amount should cash as a current asset appear in the balance sheet?
2. How will the other accounts be reported?
Exercise 1-5
The cash account of the EVERGREEN COMPANY showed a credit balance of P20,000
after checks totaling P45,000 have been prepared in payment of outstanding liabilities with
suppliers and credited to cash in bank as of Dec. 31, 2019. The checks, however, were mailed
only on Jan, 5, 2020.
REQUIRED:
1. At what amount should cash as a current asset appear in the balance sheet? Prepare the
related adjusting entry as of Dec. 31, 2019.
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