Subject: FINANCIAL MANAGEMENT PROBLEM 1The cash account in the current assets section of the statement of financial position of KanjiruCompany consisted of the following:Bond Sinking fundChecking account in BDOCurrency and coins awaiting depositDeposit in a bank closed by BSPPetty cash fund (including 10,000 is in the form of paid vouchers)Receivables from officers and employees1,500,0003,155,0001,135,000500,00050,000175,000What is the amount of cash to be reported under current assets?PROBLEM 2Chopper Inc. had the following account balances on December 31, 2019:Cash in bank2,250,000Cash on hand125,000Cash restricted for addition to plan (Expected to be disbursed in 2020)Treasury bills1,600,000450,000Cash in bank includes P600,000 of compensating balance against short-term borrowingarrangement. The compensating balance is not legally restricted as to withdrawal by Bur. Thetreasury bills were issued January 15, 2019 and due after 1 year. Chopper purchased the T-bills onOctober 25, 2019. In December 31, 2019, what should be the total amount of cash and cash equivalentthat should be reported under current assets? PROBLEM 3Meliodas and Co. has the following account balances on December 31, 2019.Petty cash fundCash in Bank - BDOPhp.50,0004,000,000Cash in Bank - BPI2,000,0001,500,0001,500,0001,000,000Cash on handCash in Bank - PNBTreasury billsThe petty cash fund includes unreplenished December, 2019 petty cash expense voucher of Php.10,000 and employee IOU of Php. 5,000. The cash on hand includes a Php. 100,000 check payable toMeliodas dated January 15, 2020. In exchange for a guaranteed line of credit, Meliodas has agreed tomaintain a minimum balance pf Php. 200,000 in its unrestricted BDO account. The PNB account is setaside for plant addition and expected to be disbursed in 2020. The BPI account is a sinking fund setaside to settle a bond payable. What is the amount that should be reported as "cash and cashequivalents" on December 31, 2019?

As per rule, allowed to answer one question at a time and post the remaining in the next submission.

Answered: punt in BDO coins awaiting deposit ank…

Business

Accounting

punt in BDO coins awaiting deposit ank closed by BSP nd (including 10,000 is in the form o

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 47E

See similar textbooks

Similar questions

TEST III: Prepare the cash position report of ABC's Company with complete headings as of June 16, 20 provided the following transactions was incurred on each bank account: PREPARE CASH POSITION IN CONSOLIDATED FORMAT PARTICULARS Bal. As of 6.15.2000 Collections of loans: OR# 0001 OR# 0002 OR# 0003 OR# 0004 Passbook Fees OR# 0005 Receipt of fund from Funding Agency Loan Releases: CV# 0001 CV# 0002 CV# 0003 CV# 0004 Payment Utilities CV# 0005 LAND BANK 5,000.00 250.00 650.00 150.00 150.00 375.00 25,000.00 10,000.00 35,000.00 875.0 SOLID BANK 2,500.00 250.00 50,000,00 UCPB 1,000.00 PNB 5,000.00 I
Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information:a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements:1. Prepare the bank reconciliation.2. Prepare the journal entries to record the adjusting entries on the books of Entity A.
Topic: Cash and Cash Equivalents / Intermediate Accounting 1
PROBLEM 1. 4111 Company had the following items in its "Cash and cash equivalents" account as of December 31, 2022: Cash on hand P125,000Bank time deposit (acquired 12/30/2022; due in 2/28/2023) 150,000Petty cash fund - including P2,550 unreplenished vouchers dated December 27-30, 2022; and P1,200 dated January 4, 2023 10,000Cash in foreign bank - unrestricted ($5,000; average rate - P50; closing rate - P52) 250,000Cash restricted for additions to plant (to be disbursed in 2025) 1,200,000Cash in bank - to be used for payment of 2023 dividends and taxes 1,380,000 How much should be reported as cash and cash equivalents as of December 31, 2022? a. P1,875,450 b. P1,922,450 c. P1,921,250 d. P1,944,250 PROBLEM 2. The following data were taken from the accounting records of 423, Inc Balance at January 1, 2022 5,000 balls @ P20Purchases:…
Hi there, I'm not sure how to solve this question. Which items are supposed to be on the statement of cashflows? Thanks
Provide the quick ratio. Given: Current Assets Cash in bank P282,506 Due from related parties - current portion 1,325,607,906 Current Liabilities 1,925,822,542
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
Question 3 of 4 > -/2 View Policies Current Attempt in Progress Ouellette Ltée reports the following items: cash in bank $17,500; payroll bank account $6,000; cash register floats $500; and trading investments consisting of term deposits with maturity dates of less than 90 days $5,000. Determine which items described above would be considered cash, cash equivalents, or other items to be reported on the statement of financial position. Cash in bank Payroll bank account Cash register floats Trading investments eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
2. Mean Green Bank started its first day of operations with $10 million in capital. $100 million in checkable deposits is received. The bank issues a $30 million commercial loan and another $30 million in mortgages. The required reserves are 8%.
A. Classification of Cash For each of the items listed in the table below, place an X in the column indicating the correct classification for balance sheet purposes. The first one is completed for you. Balance Sheet Classification Cash Cash Short-term Other Equivalent Investments Checking account Savings account Rare coins kept for long-term speculation Post-dated checks received Money orders received Petty cash fund Treasury bills purchased when two months remain in term Compensating balance for a short-term loan Sinking fund to retire a bond in five years Certificate of deposit (six- month term) Short-term investment in marketable equity securities
The breakdown of the Cash and Cash Equivalents account of C Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
Ore