How much is the cash overage (shortage)?
Q: The cash account in a company's ledger showed a balance at December 31, 1998 of P44,150 which was…
A: Cash and cash equivalents are the balance-sheet line items that represent the value of a company's…
Q: Journalize the entries to record the following: Apr. 1 Established a petty cash fund of $350. 10…
A: Journal: Recording of a business transactions in a chronological order.
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A: The term "payback period " refers to the amount of years needed to recoup the initial monetary…
Q: On may 1, 1990, Auca management decided to establish a 4,000,000 petty cash. With 50,000 maximum…
A: Solution: To establish petty cash fund, petty cash is to be debited and cash is credited To…
Q: Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small…
A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…
Q: ash account in the current asset section of the statement of financial position fo pany showed a…
A: Correct cash balance =petty cash fund + checking account balance + undeposited receipts + currencies…
Q: Armenia Company reported the following information on December 31, 20X1 Cash on hand - 1,000,000…
A: Given, Armenia Company Cash on hand - 1,000,000. Petty cash fund - 50,000. Cash in bank - 4,000,000.…
Q: The following are items found in the records of ABC Corp at Dec 31, 20X1: Cash in BPI , P102,000…
A: According to the given question, we need to compute the cash balance as of December 31, 20x1. We…
Q: These are the following chronological transactions of Clove Garments according to petty cash: 1.…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: VKS Company reported an imprest petty cash fund of P51,100 with the following details ·…
A: The items that should be included are: - Currencies - Coins - Petty cash vouchers (these will be…
Q: A company established a petty cash fund for minor day-to-day expenses. Following are activities…
A: The petty cash balance is maintained by business for day to day cash transactions.
Q: The cash records of George Company show the following: 1. In September, deposits per the bank…
A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…
Q: ollowing items should be classified as either Cash or Another account. Currency and coins, 10,000…
A: Cash refers to the most liquid asset which company could possess and the cash balance states that…
Q: The petty cash fund of ABC Corp consisted of the following: Currency and coins, P2,000 Employees…
A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…
Q: 3. Fortune Company was established petty cash as an internal control on January 1, with a $250…
A: Note: The Date for Incurring of Expense is Not given so same is not Written in Entries
Q: The following information is about the cash balances for Mooner Sooner Inc.: Company balance: $5,020…
A: The bank reconciliation statement is prepared to balance the passbook and company book accounts with…
Q: The petty cashier of Giga Company presented the following during the cash count: Currency - P1,650…
A: Petty cash book It is a book for recording all small and repetitive transactions that are of little…
Q: petty Personal check drawn by the petty cash custodian 2,400 a. The entry to replenish the fund on…
A: Replenishment of Petty Cash Petty cash is a little sum of money maintained on hand to cover petty…
Q: Murdstone, Inc. issued a check on January 2 to establish a petty cash fund of $500. On January 31,…
A: Petty cash fund: Petty cash fund is a fund established to pay insignificant amounts like postage,…
Q: The Petty Cash Fund of Joy Manufacturing at the end of the fiscal year ended December 31, 2016 is…
A: Correct balance of petty cash = Currencies + Coins
Q: Required information Problem 6-24A (Static) Petty cash fund LO 6-4 [The following information…
A: Keeping up with accounting standards and internal control needs is facilitated by keeping a petty…
Q: f the Agency approves the establishment of a P30,000 petty cash fund. Here are the following…
A: Petty cash fund is the fund created wherein small amount of cash is transferred and ownership of…
Q: The following are items found in the records of ABC Corp at Dec 31, 20X1: Cash in BPI , P102,000…
A: Cash and cash equivalents means cash or assets that can be converted into cash immediately. Cash…
Q: On April 1, 2021, CPA Co. established a petty cash fund for P80,000 by writing a check drawn against…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: ABC Co established a petty cash fund of P40,000. Fund disbursements during the period was P27,363.…
A: At the end of the period, petty cash fund should stand at P40,000.
Q: A petty cash fund, established with a $300 balance, had petty cash receipts (tickets/vouchers)…
A: Petty cash is used for a variety of little costs; receipts are gathered and transactions are…
Q: Pharoah Ltd. designated Alexa Kidd as petty cash custodian and established a petty cash fund of…
A: The petty cash fund is the current asset of the business. It is established to maintain the smaller…
Q: record the following transactions: A. Started a petty cash fund in the amount of $500 B.…
A: Solution- S no Particular Amount DR Amount CR 1 Petty cash --------------------------------DR…
Q: Check No. 12-375 is issued to establish a petty cash fund of $900. The amount of cash in the petty…
A: Petty cash fund is said to be small bills or amounts that organisations maintain to pay off the…
Q: 134
A: Petty cash refers to the small value of the cash in hand, paid or payable for minor expenses like…
Q: BMI Inc's March 31 bank statement balance was $70,000. As of March 31, outstanding checks total…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: ABC Company starts a petty cash fund with $200 and then they spent $50 on office supplies. A)…
A: Almost all businesses find themselves having to pay tiny sums for various expenditures including cab…
Q: Check No. 12-375 is issued to establish a petty cash fund of $600. The amount of cash in the petty…
A: The objective of the question is to journalize the entries for establishing and replenishing a petty…
Q: Littlestown Corporation reports the following information: Balance in National Bank checking account…
A: Current assets are assets that are projected to be converted into cash within a year. Accounts…
Q: ABC company paid cash to replenish the petty cash fund: $145; $72 for supplies; $40 for advertising…
A: The journal entries are prepared to record the transactions on regular basis. The petty cash fund is…
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- Littlestown Corporation reports the following information: Balance in National Bank checking account Certificates of deposit Petty cash Cash on hand Employees' IOUS Balance in Society Bank checking account Customer's postdated check Balance in Peoples Savings and Loan savings account $15,155 5,600 425 4,325 225 (300) 175 9,500 Required: Compute the correct amount of cash that will appear as a current asset on Littlestown Corporation's balance sheet.The Valorant Company has the following items in its general ledger: Petty cash fund- $5,000; Checking account, Bank of Korea- $290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- $100,000; Checking account, BPI Bank- $(170,000); Checking account, Metrobank- $49,500. The amount of cash that should be reported in Valorant's balance sheet as a current asset is:On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…
- Blossom Company has recorded the following items in its financial records. Cash in bank: Checking account $50,000 Money market fund 36,000 Payroll account 26,000 Certificate of deposit (matures in 2 months) 28,000 Certificate of deposit (matures in 12 months) 33,000 Total cash in bank $173,000 Cash in plant expansion fund 143,000 Cash on hand 34,000 Highly liquid investments Petty cash 53,000 2,600 Receivables from customers 122,000 Stock investments 84,000 U.S Treasury bills 43,000 The highly liquid investments (Commercial Paper) had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. (a) What amount should Blossom report as "Cash and cash equivalents" on its balance sheet? SUPPORTLINO INC established a petty cash fund for USD12,000. Before it was replenished, the petty cash box has the following items Bills and currencies 5, 400 Various employee checks in payment of IOUS 2, 350 An empty pay envelope labeled “salary of Employee Z” 1, 850 IOUS from employees 2, 100 Customer checks in payment of accounts with the company 4, 900 Unreplenished expense vouchers are: Supplies (USD 360 remains unused as of year-end) 1, 500 Representation 750 Transportation…Vishunu
- The petty cash fund of Hotel Snyder on December 31, 2021 is composed of the following: Bills $4,000.00 Coins $1,000.00 Petty cash vouchers: Gasoline $2,500.00 Supplies $1,500.00 IOUs $3,000.00 A check drawn by Hotel Snyder to the order of the petty cash custodian, representing salary $6,000.00 A sheet of paper with the names of several employees together with a contribution for a wedding gift. Attached to the sheet of paper is a currency of $2,000.00 The petty cash general ledger account has a balance of $20,000. What amount should be reported as petty cash on the ledger on December 31, 2021?The following data pertains to ABC Co: Petty cash fund, 5,000 (2,000 is in the form of petty cash vouchers) Cash in BPI 100,000 Cash on hand, 10,000 (includes post dated check of 1,000) Savings Account, BPI 79,000 Current Account, BPI (2,000) in overdraft Determine the amount of cash 194,000 192,000 189,000 110,000ABC Company provided the following information: Bills and coins 50,000Postdated check from customer 125,000NSF check received from customer 320,000Unreleased check 80,000Postdated check sent to a supplier 75,000Petty cash fund 10,000Postal money order 35,000Cash in closed Banks100,000 How much is the cash to be presented in the statement of financial position?
- Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.The cash account in Cake Company's ledger on December 31, 2023 showed a balance of P5,250,000 which included the following: Petty cash fund-P50,000 Undeposited receipts, including a postdated customer check of P100,000-P1,400,000 Cash in bank-P1,300,000 Cash in sinking fund-P500,000 Vouchers paid out of collections, not yet recorded-P250,000 IOUS signed by employees-P150,000 What total amount should be reported as cash in the December 31, 2023 statement of financial position?how much is the total cash of the company?
