During your audit of Baguio Corporation for the year 2020, the following were presented to you in connection toyour audit of its Cash and Cash Equivalent account:Petty Cash Fund which consists of the following:20,0008,00010,0002,000Currencies and coinsVarious expense receiptsEmployee advancesTreasury Bills as follows:Purchased on December 31, 2020, due on March 1,20211,000,000400,000600,000Purchased on January 31, 2020, due on January 31, 2021Cash in Bank accounts:6,800,000Checking Account - Bank of the Philippine IslandsChecking Aooount - Banco de OroChecking Account - RCBC (Payroll Account)US$ Savings Accounts - Metrobank4,000,000-200,0001,000,000Peso Equivalent000,000Various Checks:Employees check dated January 10, 2021Traveler's Check108,0008,000100,000Others:752,000Postage StampsIOU from company president's brotherCredit memorandum from supplier for purchase returnPostal Money OrderTreasury WarrantsListed stocks held as temporary investments2,00020,00040,00060,000600,00030,000Required:Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on itsDecember 31, 2020 statement of financial position?

Cash includes currency as well as demand deposits with the financial institutions or banks.

Cash in Bank accounts: Checking Account - Bank of the Philippine slands Checking Account - Banco de Oro Checking Account - RCBC (Payroll Account) USS Savings Accounts - Metrobank (Restricted) Peso Equivalent 4,000,000 -200,000 1,000,000 2,000,000 Various Checks: 108,000 Employees check dated January 10, 2021 Traveler's Check 8,000 100,000 Others: Postage Stamps IOU rom company president's brother Credit memorandum from supplier for purchase return Postal Money Order Treasury Warrants Listed stocks held as temporary investments 752,000 2,000 20,000 40,000 60,000 600,000 30,000 Required Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on its December 31, 2020 statement of financial position?

Cash in Bank accounts: Checking Account - Bank of the Philippine slands Checking Account - Banco de Oro Checking Account - RCBC (Payroll Account) USS Savings Accounts - Metrobank (Restricted) Peso Equivalent 4,000,000 -200,000 1,000,000 2,000,000 Various Checks: 108,000 Employees check dated January 10, 2021 Traveler's Check 8,000 100,000 Others: Postage Stamps IOU rom company president's brother Credit memorandum from supplier for purchase return Postal Money Order Treasury Warrants Listed stocks held as temporary investments 752,000 2,000 20,000 40,000 60,000 600,000 30,000 Required Compute the amount of Cash and Cash Equivalents that should be reported by Baguio Corporation on its December 31, 2020 statement of financial position?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 18RQSC

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QUESTIONS:Based on the above and result of your audit, determine the following:The net adjustment to cash account on May 31,2018
How much is the total cash and cash equivalents of the company as of December 31, 2019?
In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020: A. Balances per bank statements: November 30, P215,600 and December, P230,400. B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800. C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24. D. Total charges in the bank statement during December were P2,189,700. E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200. F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26. G. NSF checks returned, recorded as reduction of cash receipts were: Returned by bank on December and recorded also in December P10,400. Returned by bank on December but recorded also in January P8,600. H. Collections by bank not recorded by…
In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020: A. Balances per bank statements: November 30, P215,600 and December, P230,400. B. Balances of cash in bank account in company's books: November 30, P165,450 and December 31, P226,800. C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24. D. Total charges in the bank statement during December were P2,189,700. E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200. F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26. G. NSF checks returned, recorded as reduction of cash receipts were: Returned by bank on December and recorded also in December P10,400. Returned by bank on December but recorded also in January P8,600. H. Collections by bank not recorded by…
In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020: A. Balances per bank statements: November 30, P215,600 and December, P230,400. B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800. C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24. D. Total charges in the bank statement during December were P2,189,700. E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200. F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26. G. NSF checks returned, recorded as reduction of cash receipts were:  Returned by bank on December and recorded also in December P10,400.  Returned by bank on December but recorded also in January P8,600. H. Collections by bank not recorded by…
In connection with your examination, the Caliao Company presented to you the following information regarding its Cash in Bank account for the month of December 2020: A. Balances per bank statements: November 30, P215,600 and December, P230,400. B. Balances of cash in bank account in company’s books: November 30, P165,450 and December 31, P226,800. C. Total receipts per book were P2,221,900 of which P12,100 was paid in cash to a creditor on December 24. D. Total charges in the bank statement during December were P2,189,700. E. Undeposited receipts were: November 30, P90 600 and December 31, P101,200. F. Outstanding checks were: November 30, P26,750 and December 31, P19,300, of which a check for P5,000 was certified by the bank on December 26. G. NSF checks returned, recorded as reduction of cash receipts were:  Returned by bank on December and recorded also in December P10,400.  Returned by bank on December but recorded also in January P8,600. H. Collections by bank not recorded by…
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