How much should be the adjusted Cash in Bank balance as of December 31, 2020?The December 31, 2020 trial balance of Hero Company included the followingaccounts:Cash on hand500,000Petty cash fundP 20,000Security Bank current1,000,000accountPNB current account350,000BSP treasury bill - 60 days3,000,000BPI time deposit - 30 days2,000,000Details are as follows:1. The cash on hand included a customer postdated check of P100,000.2. The petty cash fund included unreplenished petty cash vouchers for P2,000and an employee check for P3,000 dated January 31, 2021.3. A check for P200,000 was drawn by the company against its Security Bankaccount, dated January 15, 2021, delivered to the payee and recorded onDecember 29, 2020.4. The BPI time deposit is set aside for acquisition of land to be used as afactory site.What total amount of cash and cash equivalents should be reported in the statementof financial position on December 31, 2020?

Answer: Cash equivalents are the total value of cash on hand that includes items that are similar to…

Answered: How much should be the adjusted Cash in…

Cornerstones of Financial Accounting

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Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
The December 31,2020 trial balance of DDD Company includes the followingaccounts:Cash on hand 1,000,000Petty cash fund 40,000Security Bank current account 2,000,000PNB Current account No. 1 800,000PNB Current account No. 2 ( 100,000)BSP Treasury bill – 60 days 6,000,000BPI 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 as afactory site.4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?
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?
On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should be
The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Based on the above, answer the following questions: Cuay Corporation BANK RECONCILIATION 13. What is the total book receipts for December? 14. What is the cash balance per books on December 31, 2020? 15. What is the total outstanding checks on December 31, 2020? 16. What is the adjusted cash balance on November 30, 2020? 17. What is the adjusted cash balance on December 31, 2020? November 30, 2020 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 P 435,000 P 6,000 15,000 Check No. 4340 1,700 Check No. 4341 The cash receipts and cash payments of Detuya Company for April 2020 follow: 4,675 27,375 P 407,625 16,200 P 423,825 Total Add: Deposits in transit Balance per books CASH RECEIPTS CASH PAYMENTS Date Cash Debit Check No. Cash Credit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 P 44,550 7,350 96,500 33,200 73,600 50,000 31,600…
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balance
What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in relation to cash on Dec. 31, 2020: * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance. * Another customer check for P500,000 included in the checkbook balance but returned by the bank for insufficiency of posited on December 22, 2020 was fund. This check was redeposited on December 26, 2020 and cleared two days later. * A P400,000 check payable to supplier dated and recorded on December 30, 2020 was mailed on January 16, 2021. * A petty cash fund of P50,000 comprised the following on December 31 2020: 5,000 5,000 40,000 50,000 * A check of P40,000 was drawn on December 31, 2020 payable to the petty cash Coins and currencies Refundable deposit for returnable containers Petty cash vouchers Total
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…
Argentina Company reported the following accounts on Problem 1-2 (IAA) December 31, 2020: Cash on hand 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 Petty cash fund Security Bank current account PNB current account BDO current account (overdraft) BSP treasury bill-120 days BPI time deposit -90 days Bond sinking fund 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. 3. Explain the presentation of the items excluded from cash and cash equivalents. 19
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balance
On December 31, 2019, Taehyung Company had the following cash balances: Cash in bank- P2,500,000 Petty Cash fund (all funds were reimbursed on 12/31/2019)- P150,000 Time deposit (start date: December 1, 2019 and due February 14, 2020)- P350,000 Cash in bank included P900,000 of compensating balance against short-term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal. In the December 31, 2019, statement of financial position, what total amount should be reported as cash and cash equivalents?
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.

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