PURE Company provided the following information with respect to its cash and cash equivalents on December 31, 2020. Checking account at Security bank (P100,000) Checking account at BPI 3,500,000 Payroll account 500,000 Sales tax account 400,000 Sinking fund cash 2,000,000 10/23 Employee post-dated check 300,000 Traveller's check 300,000 NSF check 150,000 Petty cash fund (all reimbursed as of December 31, 2020) 50,000 Money order 200,000 T-bills, 90 days due January 20, 2021 1,000,000 What amount would be reported as unrestricted cash and cash equivalents on the Statement of Financial Position?

PURE Company provided the following information with respect to its cash and cash equivalents on December 31, 2020. Checking account at Security bank (P100,000) Checking account at BPI 3,500,000 Payroll account 500,000 Sales tax account 400,000 Sinking fund cash 2,000,000 10/23 Employee post-dated check 300,000 Traveller's check 300,000 NSF check 150,000 Petty cash fund (all reimbursed as of December 31, 2020) 50,000 Money order 200,000 T-bills, 90 days due January 20, 2021 1,000,000 What amount would be reported as unrestricted cash and cash equivalents on the Statement of Financial Position?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

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.
What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the bank statement? a. Cash 250 DR; NSF Check 250 CR b. Accounts Receivable 250 DR; Cash 250 CR c. NSF Check 250 DR; Accounts Receivable 250 CR d. Cash 250 DR; Accounts Receivable 250 CR e. Cash 250 DR; Miscellaneous Expense 250 DR
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
Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 days P200,000 20,000 5,000,000 4,000,000 (100,000) 250,000 2,000,000 > Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. Customer check for P15,000 dated January 10, 2021, received December 23, 2020. > The petty cash fund consisted of the following items: Current and coins IOUS from officers Unreplenished petty cash vouchers P5,000 2,000 12,000 > Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the following: Check written and dated December 23, 2020 and delivered to payee on January 31, 2020,…
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…
On December 31, 2021, the cash account of Roel Company showed the following details: wwww Undeposited collections Cash in bank- PCIB checking account 60,000 500,000 Cash in bank- PNB overdraft (50.000) Undeposited NSF check received from customer dated December 1, 2021 Undeposited check from a customer dated January 15, 2022 Cash in bank- PCIB (fund for payroll) Cash in bank- PCIB savings deposit Cash in bank- PCIB money market instrument, 90 days Cash in foreign bank (restricted) IOUS from officers Sinking fund cash Listed shares held as trading investment 15,000 25,000 150,000 100,000 2,000,000 100,000 30,000 450,000 120,000 What amount should be reported as cash and cash equivalents on December 31, 2021?
Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…
Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 days 200,000 20,000 5,000,000 4,000,000 ( 100,000) 250,000 2,000,000 Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. Customer check for P15,000 dated January 10, 2021, received December 23, 2020. The petty cash fund consisted of the following items: Currency and coins IOUS from officers Unreplenished petty cash vouchers 5,000 2,000 12,000 Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the following: Check written and dated December 23, 2020 and delivered to payee on January 31, 2021, P25,000.…
What amount should be reported as TOTAL CASH 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 deposited on December 22, 2020 was included in the checkbook balance but returned by the bank for insufficiency of 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 custodian for PCF replenishment.
You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY: Cash on hand P 500,000 Petty cash fund 10,000 BPI current account 1,000,000 Security Bank current account No. 1 1,080,000 Security Bank current account No. 2 (80,000) PNB savings account 1,200,000 PNB current account 500,000 Cash on hand includes the following items: ∙ Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 ∙ Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 ∙ Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against…
Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check O P304,350 P554,350 O P566,350 P 23,850 O P504,350 45,500 50,000 105,000 10,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 250,000 12,000 70,000
Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR (CR) Date Description Folio Debit Credit Nov. 30 Balance (overdraft) 221,000 Dec. 1-31 Cash receipts CRJ10 813,000 1,034,000 Dec. 1-31 Cash Payments CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 21 420,000 237 17,000 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000 The December bank statement showed: First Chartered Bank Gibson…