(AUTHORIZATION MATRIX) The following are the authorized signatories for Serrano Company: Mr. A. Serrano  Mrs. B. Serrano Mr. C. Serrano Ms. D. SerranoAuthorization matrix revealed the following: Amount of Disbursement Who Will Sign? P10,000 and below ANY one (1) of the four (4) signatories P20,000 and below Mr. C. Serrano AND Ms. D. Serrano, jointly Mr. A. Serrano, singly Mrs. B. Serrano, singly P50,000 and below (PRIMARY)Mr. A. Serrano AND Mrs. B. Serrano, jointly (SECONDARY)1st signatory: either Mr. A. OR Mrs. B. Serrano;2nd signatory: either Mr. C OR Ms. D. Serrano NOTE: Secondary is only used when one of the primary is not available. On November 6, the Finance Department prepared the following checks, vouchers and supporting documents for approval: Check number Payee Amount Complete Documents 00032 Juanito Dela Costa P 7,500.00 a 00033 Crisanta Ramirez 9,473.23 a 00034 Ramona Aquino 5,267.85 a 00035 Techie Supplies Inc. 23,460.00 a 00036 Cruz, De Vera & Associates 62,000.00 a 00037 Max Automotive 18,274.77 a 00038 Home & Office Supplies Inc. 6,758.03 a 00039 AES Trading 83,500.00 a 00040 Gawad Kalinga 15,000.00 a 00041 007 Securities Incorporated 25,400.00 a 00042 Anton Schaffer 40,000.00 a 00043 Bella Santos 11,034.35 a Meanwhile, the following are the status and availability of the authorized signatories on Nov. 6.  Mr. A. Serrano – available to sign  Mrs. B. Serrano – out of office (business trip)  Mr. C. Serrano – out of office (field work)  Ms. D. Serrano – available to sign If Mr. A. Serrano assigned the checks that can be signed singly by Ms. D. Serrano, how many checks will be left to be signed by Mr. A. Serrano, singly?

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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(AUTHORIZATION MATRIX) The following are the authorized signatories for Serrano Company: Mr. A. Serrano  Mrs. B. Serrano Mr. C. Serrano Ms. D. SerranoAuthorization matrix revealed the following:

Amount of Disbursement	Who Will Sign?
P10,000 and below	ANY one (1) of the four (4) signatories
P20,000 and below	Mr. C. Serrano AND Ms. D. Serrano, jointly
	Mr. A. Serrano, singly
	Mrs. B. Serrano, singly
P50,000 and below	(PRIMARY)Mr. A. Serrano AND Mrs. B. Serrano, jointly
	(SECONDARY)1st signatory: either Mr. A. OR Mrs. B. Serrano;2nd signatory: either Mr. C OR Ms. D. Serrano
NOTE: Secondary is only used when one of the primary is not available.

On November 6, the Finance Department prepared the following checks, vouchers and supporting documents for approval:

Check number	Payee	Amount	Complete Documents
00032	Juanito Dela Costa	P 7,500.00	a
00033	Crisanta Ramirez	9,473.23	a
00034	Ramona Aquino	5,267.85	a
00035	Techie Supplies Inc.	23,460.00	a
00036	Cruz, De Vera & Associates	62,000.00	a
00037	Max Automotive	18,274.77	a
00038	Home & Office Supplies Inc.	6,758.03	a
00039	AES Trading	83,500.00	a
00040	Gawad Kalinga	15,000.00	a
00041	007 Securities Incorporated	25,400.00	a
00042	Anton Schaffer	40,000.00	a
00043	Bella Santos	11,034.35	a

Meanwhile, the following are the status and availability of the authorized signatories on Nov. 6.

 Mr. A. Serrano – available to sign
 Mrs. B. Serrano – out of office (business trip)
 Mr. C. Serrano – out of office (field work)
 Ms. D. Serrano – available to sign

If Mr. A. Serrano assigned the checks that can be signed singly by Ms. D. Serrano, how many checks will be left to be signed by Mr. A. Serrano, singly?

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