Part II. Problem Solving Problem 1 The bookkeeper of Tinhay Company recently prepared the following bank reconciliation: Tinhay Company Bank Reconciliation December 31, 2021 Balance per bank P 126,420 Add: Deposit in transit Charge on checkbook printing Error made in recording Check No. 25 8,700 210 1,600 5,000 issued in December NSF check 15,510 P 141,930 Total Deduct: Outstanding checks Note collected by bank (includes P50 interest) 4,480 9,500 13,980 Balance per books P 127,950 Hoover has P9,100 cash on hand on December 31, 2021. 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be: Problem 2 Sibla, Inc. had the following bank reconciliation at March 31, 2021: Balance per bank, 3/31/2021 Deposit in transit 37,200 10,300 47,500 Total Outstanding checks Balance per books, 3/31/2021 (12,600) 34,900 Data per bank for the month of April 2021 follow: Deposits 42,700 49,700 Disbursements All reconciling items at March 31, 2021 cleared the bank in April. Outstanding checks at April 30, 2021 totaled P5,000. There were no deposits in transit at April 30, 2021. 2. What is the cash balance per books at April 30, 2021?
Part II. Problem Solving Problem 1 The bookkeeper of Tinhay Company recently prepared the following bank reconciliation: Tinhay Company Bank Reconciliation December 31, 2021 Balance per bank P 126,420 Add: Deposit in transit Charge on checkbook printing Error made in recording Check No. 25 8,700 210 1,600 5,000 issued in December NSF check 15,510 P 141,930 Total Deduct: Outstanding checks Note collected by bank (includes P50 interest) 4,480 9,500 13,980 Balance per books P 127,950 Hoover has P9,100 cash on hand on December 31, 2021. 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be: Problem 2 Sibla, Inc. had the following bank reconciliation at March 31, 2021: Balance per bank, 3/31/2021 Deposit in transit 37,200 10,300 47,500 Total Outstanding checks Balance per books, 3/31/2021 (12,600) 34,900 Data per bank for the month of April 2021 follow: Deposits 42,700 49,700 Disbursements All reconciling items at March 31, 2021 cleared the bank in April. Outstanding checks at April 30, 2021 totaled P5,000. There were no deposits in transit at April 30, 2021. 2. What is the cash balance per books at April 30, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 1
1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be:
Problem 2. What is the cash balance per books at April 30, 2021?
Transcribed Image Text:Part II. Problem Solving
Problem 1
The bookkeeper of Tinhay Company recently prepared the following bank reconciliation:
Tinhay Company
Bank Reconciliation
December 31, 2021
Balance per bank
P 126,420
Add:
Deposit in transit
Charge on checkbook printing
Error made in recording Check No. 25
P
8,700
210
issued in December
1,600
5,000
NSF check
15,510
Total
P 141,930
Deduct:
Outstanding checks
Note collected by bank (includes P50
interest)
Balance per books
4,480
9,500
13,980
P 127,950
Hoover has P9,100 cash on hand on December 31, 2021.
1. The amount Hoover should report as cash on the statement of financial position as of
December 31, 2021 should be:
Problem 2
Sibla, Inc. had the following bank reconciliation at March 31, 2021:
Balance per bank, 3/31/2021
Deposit in transit
P
37,200
10,300
Total
47,500
Outstanding checks
Balance per books, 3/31/2021
(12,600)
P
34,900
Data per bank for the month of April 2021 follow:
42,700
Deposits
Disbursements
49,700
All reconciling items at March 31, 2021 cleared the bank in April. Outstanding checks at April
30, 2021 totaled P5,000. There were no deposits in transit at April 30, 2021.
2. What is the cash balance per books at April 30, 2021?
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