Argentina Company reported the following accounts on December 31, 20X1: Cash on hand 1,000,000 Petty cash fund 50,000 Security Bank current account 2,000,000 PNB current account 1,500,000 BDO current account (overdraft) (200,000) BSP treasury bill – 120 days 3,000,000 BPI time deposit – 90 days 2,000,000 Bond sinking fund 2,500,000 The cash on hand included a customer-posted check of P150,000 and postal money order of P50,000. The BPI time deposit is set aside for the acquisition of land to be made in early January 20X2. The bond sinking fund is set aside for payment of bond payable due December 31, 20X2. Compute the amount of Cash and Cash equivalents that should be reported on December 31, 20X1.

Argentina Company reported the following accounts on December 31, 20X1: Cash on hand 1,000,000 Petty cash fund 50,000 Security Bank current account 2,000,000 PNB current account 1,500,000 BDO current account (overdraft) (200,000) BSP treasury bill – 120 days 3,000,000 BPI time deposit – 90 days 2,000,000 Bond sinking fund 2,500,000 The cash on hand included a customer-posted check of P150,000 and postal money order of P50,000. The BPI time deposit is set aside for the acquisition of land to be made in early January 20X2. The bond sinking fund is set aside for payment of bond payable due December 31, 20X2. Compute the amount of Cash and Cash equivalents that should be reported on December 31, 20X1.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 50BE: Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts...

See similar textbooks

Similar questions

India Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000 Petty Cash Fund 50,000 Security Bank current account 1,500,000 PNB current account 2,000,000 BDO current account (overdraft) ( 200,000) BSP treasury bill -120 days 3,000,000 BPI time deposit - 90 days 1,000,000 Bond Sinking Fund 2,500,000 PNB savings account (held as compensating balance-restricted) 500,000 The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January of 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021 The PNB saving account was restricted as compensating balance for two years due to a loan agreement entered by India Company to PNB. Requirements:…
Sanchez Company reported the following accounts on December 31, 2020: Cash on hand 1,000,000 Petty cash fund 50,000 Security Bank current account 2,000,000 PNB current account 1,500,000 BDO current account (overdraft) ( 200,000) BSP treasury bill — 120 days 3,000,000 BPI time deposit 90 days 2,000,000 Bond sinking fund 2,500,000  The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000.  The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021.  The BPI time deposit is set aside for acquisition of land to be made in early January 2021.  The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents as of December 31, 2020. 3. Explain the presentation of the items excluded from cash and cash equivalents.
On December 31, 20X1, Albania Company provided the following data: Cash in bank 3,000,000 Time deposit – 30 days 1,000,000 Money market placement due on June 30, 20X2 2,000,000 Saving deposit in a closed bank 100,000 Sinking fund for bond payable June 30, 20X3 1,500,000 Petty cash fund 20,000 The cash in the bank included a customer check of P200,000 outstanding for 18 months. A check of P250,000 in payment of accounts payable was dated and recorded on December 31, 20X1, but mailed to creditorson January 15, 20X2. Check of P100,000 dated January 31, 20X2, in payment of accounts payable was recorded and mailed December 31, 20X1. The reporting period is the calendar year. Answer: Cash in bank 3,000,000 Customer check outstanding for 18 months (200,000) Undelivered check 250,000 Postdated check delivered 100,000 Collection on January 2020 recorded on December 31, 2019 (450,0000) Adjusted Cash in Bank 2,700,000 Cash in Bank 2,700,000 Time Deposit- 30 DAYS 1,000,000 Petty Cash Fund…
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?
On December 31, 2020 LOL Co cash and cash equivalents account balance per ledger is as follows: 1. Demand deposit Demand deposit 2 with another bank Undeposited collections • Time deposit 30 days • NSF check customer 35-day money market placement due 1/28/2021 45 day commercial paper sdue 02/04/2021 • Savings deposit in a closed bank • IOU from an employee Preferred redemption fund P 2,200,000 (100,000) 300,000 500,000 20,000 300,000 80,000 50,000 20,000 100,000 Additional information includes a. Included in the demand deposit is a customer check at P200,000 dated January 19,2020. b. Customer's check of P50,000 is also included in the demand deposit dated Dec 31, 2019. The customer was informed that a new check will be issued in replacement but not yet done. c. Check of P70,000 was issued as of Dec 31, 2020 but yet to be mailed or delivered as of January 19, 2021. d. Check in payment of supplies for P60,000 was issued and recorded as of December 31,2020 but dated January 29,2021 What…
6. Yerojin Company provide the following data on December 31, 2022: Petty cash fund P 12,500 Cash on hand 250,000 Current account 625,000 Cash in sinking fund 750,000 Money market placement 500,000 Savings deposit – set aside for dividend payable on June 30, 2022 125,000 The petty cash fund included unreplenished petty cash vouchers of P5,000. The cash on hand included a customer check of P100,000 received on December 15, 2021 but dated January 15, 2022. The sinking fund is restricted for the payment of bonds payable that is due on July 31, 2023. What is the amount of cash and cash equivalents should be reported on December 31, 2022? А. 907,000 C. 1,657,500 В. 1,407,500 D. 2,157,500
Henry Company had the following account balances on December 31, 2015.Petty cash fund P50,000Cash in bank – current account 10,000,000Cash in bank – payroll account 2,000,000Cash on hand 500,000Cash in bank – restricted account for plant additions, expected tobe disbursed in 2016 4,000,000Treasury bills, due February 15, 2016 3,000,000 The petty cash fund includes unreplenished December 2015 petty cash expense vouchers ofP20,000 and employee IOUs of P10,000. The cash on hand includes a P100,000 check payableto Henry dated January 15, 2016. What should be reported as “cash and cash equivalents”on December 31, 2015?
You noted the following composition of BBBCompany’s “cash account” as of December 31, 2020: Demand deposit account P2,000,000 Time deposit – 30 days 1,000,000 NSF check of customer 40,000 Money market placement (due June 30, 2021) 1,500,000 Savings deposit in a closed bank 100,000 IOU from employee 20,000 Pension fund 3,000,000 Petty cash fund 10,000 Customer check dated January 1, 2021 50,000 Customer check outstanding for 18 months 40,000 Total P7,760,000 Additional information follows: a) Check of P200,000 in payment of accounts payable was recorded on December 31, 2020 but mailed to suppliers on January 5, 2021. b) Check of P100,000 dated January 15, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020. c) The company uses the calendar year. The cash receipts journal was held open until January 15, 2021, during which time P400,000 was collected and recorded on December 31, 2020. 36. The cash and cash equivalents to be shown on the December 31, 2020…
On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the following: Undeposited collections PhP 500,000 Cash in bank – BDO checking account 3,000,000 Undeposited NSF check received from the customer, dated December 1, 2020 250,000 Undeposited check from a customer, dated January 15, 2021 400,000 Cash in bank – BDO fund for payroll 2,000,000 Cash in bank – BDO money market instrument, 90 days 3,000,000 Cash in foreign bank restricted…
The December 31,2020 trial balance of DDD Company includes the followingaccounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill – 60 days 6,000,000 BPI 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 asafactory site. What amount of cash and cash equivalents should be reported in statementof financial position on December 31,2020?
ABC Company had the following items being considered as cash and cash equivalents on December 31, 2021: Cash on hand P500,000 Petty cash fund (replenished on December 31, 2021) X Bank current account 20,000 1,000,000 Y Bank current account No. 1 400,000 Y Bank current account No. 2 (50,000) BSP treasury bill - 60 days Z Bank time deposit- 30 days 3,000,000 2,000,000 Additional information: • The cash on hand included a customer postdated check of P100,000 and postal money order of P40,000. • A check for P200,000 was drawn and recorded against X Bank account dated December 15, 2021, but mailed to the payee on January 5, 2022. • The BSP treasury bill was purchased on December 1, 2021. • The Z time deposit was purchased on December 15, 2021 and is set aside for acquisition of land in 2022. 33) What total amount of cash should be reported on December 31, 2020?
Kanor Company provided the following on December 31, 2020: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty Cash (unreplenished petty cash expenses, P10,000) 50,000 Notes receivable 4,000,000 Accounts receivable, net of accounts with credit balances of P1.5M 6,000,000 Inventory 3,500,000 Bond Sinking Fund 3,000,000 Accounts Payable, net of accounts with debit balances of P1M 7,000,000 Notes payable 4,000,000 Bond payable due June 30, 2021 3,000,000 Accrued expenses 2,000,000 What amount should be reported as total current liabilities on December 31, 2020? A. 19,000,000 B. 16,000,000 C. 15,500,000 D. 15,000,000