Lipton Company shows the following account balances in their financial records as of December 31, 2016: Checking account at Morgan Bank. Checking account at Land Bank Payroll account- National Bank Foreign bank account- restricted . Postage stamps Employee's post-dated checks 1.0.U. form president's brother Traveler's check . P (20,000) 500,000 100,000 750,000 22,000 30,000 75,000 50,000 18,000 No-sufficient funds check Petty cash fund (16,000 in currency & expenses for P84,000) .. 100,000 Cashier's Check . 36,000 What is the correct cash balance to be reported in the statement of financial position of Lipton Company on December 31, 2016 assuming the bank overdraft or repayable on demand and it's integral to the entity's cash а. Р682,000 b.P686,000 c. P702,000 d.P704,000|

Lipton Company shows the following account balances in their financial records as of December 31, 2016: Checking account at Morgan Bank. Checking account at Land Bank Payroll account- National Bank Foreign bank account- restricted . Postage stamps Employee's post-dated checks 1.0.U. form president's brother Traveler's check . P (20,000) 500,000 100,000 750,000 22,000 30,000 75,000 50,000 18,000 No-sufficient funds check Petty cash fund (16,000 in currency & expenses for P84,000) .. 100,000 Cashier's Check . 36,000 What is the correct cash balance to be reported in the statement of financial position of Lipton Company on December 31, 2016 assuming the bank overdraft or repayable on demand and it's integral to the entity's cash а. Р682,000 b.P686,000 c. P702,000 d.P704,000|

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Ablema has provided you with the following bank statement and bank account details in respect of the month ended 31 January 2018. Statement date - 31 January, 2018. Account No 1452800 Date Particulars Debit Credit Balance GH¢ GH¢ GH¢ 01-Jan-18 Balance forward 67,580 Cr 06-Jan-18 Cheque 597 120 67,460 Cr 06-Jan-18 Direct debit 2,020 65,440 Cr 12-Jan-18 Credit transfer 4,660 70,100 Cr 13-Jan-18 Cheque 600 1,420 68,680 Cr 14-Jan-18 Cheque 601 12,028 56,652 Cr 16-Jan-18 Lodgement 9,000 65,652 Cr 19-Jan-18 Cheque 599 18,004 47,648 Cr 23-Jan-18 Bank charges for December 2017 422 47,226 Cr 25-Jan-18 Quarterly interest received 62 47,288 Cr 27-Jan-18 Dishonoured cheque 1,600 45,688 Cr 27-Jan-18 Cheque 598 26,090 19,598 Cr 30-Jan-18 Cheque 603 5,048 14,550 Cr 31-Jan-18 Lodgement 14,500 29,050 Cr 31-Jan-18 Standing order: rent first quarter 2018 27,000 2,050 Cr The books and records of Ablema show the followings transactions through the bank account for the month of January 2018: Date Receipts…
The following data pertain to Pauline Corporation on December 31, 2020: Current account at Metrobank Current account at Allied Bank Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's postdated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIFcheck of customer Customer's check dated 1/1/21 Time deposit - 30 days Money market placement (due 6/30/21) Treasury bills, due 3/31/21 (purchased 12/31/20) Treasury bills, due 1/31/21 (purchased 2/ 1/20) The cash and cash equivalents as of December 31, 2020 is 1,300,000 (80,000) 450,000 800,000 140,000 1,000 5,000 8,000 20,000 50,000 30,000 10,000 2,000,000 14,000 80,000 200,000 500,000 200,000 300,000
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The following information is available for the Jacobs Company on March 31 of the current year: Bank statement balance, March 31 - P146,570Note collected by bank, including interest of P2,500, not yet taken up on the books - P62,500NSF check returned with the bank statement - P21,260Outstanding checks as of March 31 - P68,470Bank service charges for March - P1,285Credit memo for interest credited by bank for the month of March - P105 What is the correct cash balance at March 31?a. P38,145b. P78,100c. P78,205d. P76,815
On the bank stub held by a checking account bank client, write the beginning balance of $100.00 and the deposits and checks drawn. Extract the ending balance. Withdrawals Check No. Deposits Date Particulars Balance 2011 Sept. 5 Drawn check no. 56 for $30,000 for payable to SMI Corp. for payment of invoice 45. Sept. 8 Issued check no. 57 to Mariano Co. for advances for travel expense. The amount received is $16,000. Received payment from customer Ely Tan for $34,000 for merchandise sold to him. Issued OR 312. Sept. 10 Sept. 15 Sept. 27 Sept. 29 The bank used a debit memo $800 for cost of blank check book. Payment to the BIIR for withholding taxes was $22,000. Check No. 58. Received from Marina Carlos $4,000 OR 313.
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