The records of Kapiz Co. show the following balances on December 31, 20x1:Cash on handP 400,000Cash in Bank - current accountCash in Bank - peso savings depositCash in Bank - dollar deposit (unrestricted)Cash in Bank - dollar deposit (restricted)Cash in 3-month money-market account3-month unrestricted time depositTreasury bill, purchased 11/1/20x1, maturing 2/14/20x2Treasury bond, purchased 3/1/20x1, maturing 2/28/20x2Treasury note, purchased 12/1/20x1, maturing 2/28/20x2Unused Credit Line1,200,0005,000,000$ 100,000250,000P 500,000$ 20,0004,000,000Redeemable preference shares, purchased 12/1/20x1, due on 740,0003/1/20x2Treasury shares, purchased 12/1/20x1, to be reissued on 1/5/20x2Sinking fund$1,600,0001,000,000400,000Additional information:Cash on hand includes a $40,000 check payable to Kapiz Co. dated December 29, 20x1.During December 20x0, check amounting to $30,000 was drawn against the Cash inbank - current account in payment of accounts payable. The check remainsoutstanding as of December 31, 20x1.a. 14,720,000b. 19,520,000200,000400,000The Cash in Bank – peso savings deposit includes $800,000 security bond on apending labor case, in favor of a previous employee. The establishment of the bond ismandated by a court of law.c. 12,430,000d. 12,870,000The Cash in Bank - peso savings deposit also includes a compensating balanceamounting to $500,000 which is not legally restricted.The Cash in Bank - dollar deposit (unrestricted) account includes interest of $4,000,net of tax, directly credited to Kapiz Co.'s account. The exchange rate at year-end is $1is to $45.17. How much is the cash and cash equivalents to be reported in the 20x1 financialstatements?

Cash and Cash Equivalent The budget item on the financial statements that shows the amount of a…

net of tax, directly credited to Kapiz Co.'s account. The exchange rate at year-end is $1 is to P45. 17. How much is the cash and cash equivalents to be reported in the 20x1 financial statements? a. 14,720,000 b. 19,520,000 c. 12,430,000 d. 12,870,000

net of tax, directly credited to Kapiz Co.'s account. The exchange rate at year-end is $1 is to P45. 17. How much is the cash and cash equivalents to be reported in the 20x1 financial statements? a. 14,720,000 b. 19,520,000 c. 12,430,000 d. 12,870,000

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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Question

The records of Kapiz Co. show the following balances on December 31, 20x1:
Cash on hand
P 400,000
Cash in Bank - current account
Cash in Bank - peso savings deposit
Cash in Bank - dollar deposit (unrestricted)
Cash in Bank - dollar deposit (restricted)
Cash in 3-month money-market account
3-month unrestricted time deposit
Treasury bill, purchased 11/1/20x1, maturing 2/14/20x2
Treasury bond, purchased 3/1/20x1, maturing 2/28/20x2
Treasury note, purchased 12/1/20x1, maturing 2/28/20x2
Unused Credit Line
1,200,000
5,000,000
$ 100,000
250,000
P 500,000
$ 20,000
4,000,000
Redeemable preference shares, purchased 12/1/20x1, due on 740,000
3/1/20x2
Treasury shares, purchased 12/1/20x1, to be reissued on 1/5/20x2
Sinking fund
$1,600,000
1,000,000
400,000
Additional information:
Cash on hand includes a $40,000 check payable to Kapiz Co. dated December 29, 20x1.
During December 20x0, check amounting to $30,000 was drawn against the Cash in
bank - current account in payment of accounts payable. The check remains
outstanding as of December 31, 20x1.
a. 14,720,000
b. 19,520,000
200,000
400,000
The Cash in Bank – peso savings deposit includes $800,000 security bond on a
pending labor case, in favor of a previous employee. The establishment of the bond is
mandated by a court of law.
c. 12,430,000
d. 12,870,000
The Cash in Bank - peso savings deposit also includes a compensating balance
amounting to $500,000 which is not legally restricted.
The Cash in Bank - dollar deposit (unrestricted) account includes interest of $4,000,
net of tax, directly credited to Kapiz Co.'s account. The exchange rate at year-end is $1
is to $45.
17. How much is the cash and cash equivalents to be reported in the 20x1 financial
statements?

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