Answered: cash and cash equivalents

Business

Accounting

cash and cash equivalents

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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Determine the amount of Cash and Cash equivalents. Undeposited Collections Cash in Bank- PCIB- Savings Cash in bank- PNB checking account 60,000 270,000 135,000 Cash in bank - PNB (overdraft) Undeposited NSF check received from customer Dec. 15, 2019 Undeposited check from customer dated Dec. 15, 2019 Undeposited check from customer dated Jan. 15, 2019 Undeposited check from customer dated Feb 15, 2020 Cash in Bank- PCIB (Payroll Fund) (32,000) 15,000 35,000 25,000 20,000 375,000 Cash in Bank- PCIB (Bond Sinking Fund) 500,000 IOUS from officers 20,000 Cash in Foreign Bank $50,000 Petty Cash Fund including unreplenished vouchers of P21,000 30,000 Three-month BSP treasury bill 250,000 Investment in debt securities 350,000 n your audit of its cash account, you have ascertained the following items to be of importance: a. Undeposited Collections contain Postdated check to a supplier dated December 18, 2019 and is undelivered. b. Cash in bank PCIB- Savings has a compensating balance that is…
Miller Corporation’s December 31, 2019, bank statement showed a $2,041.25 balance. On this date, Miller’s Cash account reflected a $150.90 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $131.25. 2. Customer NSF check returned with bank statement, $426.20. 3. Cash sales of $625.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,400.00 and interest of $24 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $330.00. 6. A customer check for $195.40 in payment of its account was recorded on the books at $945.10. 7. Outstanding checks, $2,030.55. Includes a duplicate check of $63.85 to C. Brown, who notified Miller that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account…
Given the following information to reconcile GCompany’s cash book balance with its bank statement balance as of July 31, 2021: a. Cheques #296 for $1,334 and #307 for $12,754 were outstanding on the September 30 bank reconciliation. Cheque #307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $893 and cheque #321 for $2,000, both written in July, were not among the cancelled cheques returned with the statement. b. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for the July rent was correctly written for $4,090 but was erroneously entered in the accounting records as $4,900. c. Also enclosed with the statement was a $74 debit memo for bank services. It had not been recorded because no previous notification had been received. d. A credit memo enclosed with the bank statement indicated that there was an electronic fund transfer related to a…
Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
The following information is available for the FRAN Company for the month of December 2019 1. On December 31, 2019 the balance in the company's Cash account has a balance of $ 15,862 . 2. The company's bank statement shows a balance December 31, 2019 of $ 19,454 . 3. Outstanding checks at December 31, 2019 total $ 2,967 . 4. A deposit placed in the bank's night depository on December 31, 2019 totaling $ 1,351 did not appear on the bank statement. 5. Included with the bank statement was a debit memorandum in the amount of $ 26 for bank service charges. It has not been recorded on the company's books. 6. Included with the bank statement was a credit memorandum for collection of a notes receivable for $ 1,243 . It has not been recorded on the company’s books. 7. A cash sales on December 15, 2019 that totaled $ 916 was incorrectly journaled and posted as $ 961 . 8. A cash sales on December 27, 2019 that totaled $ 461 was incorrectly journaled and posted as $ 416 . 9. Check #145 was written…
Serato Company keeps all its cash in a checking account. An examination of the entity's accounting records and bank statement for the month ended December 31, 2020 revealed a bank statement balance of P8,469,000 and a book balance of P8,524,000. A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 amount to P270, 000. The bank statement shows that on December 25, the bank collected a note for Serato Company and credited the proceeds of P935,000 to the entity's account. The proceeds included P35,000 interest, all of which Serato Company earned during the current period. Serato Company has not yet recorded the said collection. Serato Company discovered that check number 1000759 written in December for P183,000 in payment of an account had been recorded in the entity's records as P138,000. Included with the December 31 bank statement was an NSF check for P250,000 that Serato Company had received…
Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check O P304,350 P554,350 O P566,350 P 23,850 O P504,350 45,500 50,000 105,000 10,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 250,000 12,000 70,000
On December 31, 2019, Line Drive Apparel has the following items.
On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balance
A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n) Oa. deduction from the balance per the bank statement Ob. addition to the balance per the company's records Oc. deduction from the balance per the company's records Od. addition to the balance per the bank statement 2:26 PM A 10/23/2020
Josephine Company's checkbook balance on December 31, 2023 was P900,000. In addition, Josephine Company held the following items in its safe on December 31: Check payable to Josephine Co., dated January 5, 2024, not included in December 31 checkbook balance Check payable to Josephine Co., deposited December 20 and included in December 31 checkbook balance but returned by bank on December 30, stamped "NSF". The check was redeposited January 2, 2024 and cleared on January 3, 2024. Check drawn on Josephine Co.'s account and payable to a vendor, dated and recorded December 31 but not mailed until January 15, 2024. P200,000 50,000 150,000 What is the proper amount to be shown as cash on Josephine Co.'s statement of financial position on December 31, 2023?
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