The accountant of Jepjep Holdings presented the following account balances as ofDecember 31, 2021:Cash in bank - Checking,P2,600,000Cash in bank - Savings, P700,000Cash on hand, P300,000Cash in bank - restricted, P2,000,000Treasury bills, P3,000,000The restricted cash in bank account is opened specifically for building constructionexpected to be disbursed in Q1 2022. The cash on hand includes a P100,000 checkpayable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings,what amount of "cash and cash equivalents" should be reported as of December 31,2021?

Cash and cash equivalents: Cash and cash equivalents are those term assets that are either in cash…

Answered: The accountant of Jepjep Holdings…

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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An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?
On 30 September 2022, Piston Limited had a balance in its ‘Cash in Bank’ general ledger account of $13,034.30 debit. The bank statement from ANZ bank on that date showed a credit balance of $19,495.00. A comparison of the September 2022 bank statement with the ‘Cash in Bank’ general ledger account and the bank reconciliation for August 2022 revealed the following facts (ignore GST): Ref: (1) Electronic Funds Transfers (EFTs), totalling $1,770.10, from the August 2022 bank reconciliation has still not been presented to the bank. (2) Cash sales of $2,945 on 20 September 2022 were deposited in the bank. The general journal entry was incorrectly recorded as $2,954. Piston Limited’s bank statement showed the correct amount of $2,945 was recorded. (3) From the review of the September 2022 cash journals, it was established that outstanding EFTs totalled $3,567.10, and outstanding deposits were $1,190.40. (4) On 24 September 2022 Piston Limited made a payment (EFT…
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49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?
For purposes of starting the working capital of Jay Trading on December 31, 2021, the following data are submitted: Cash on Hand and in Bank P 610,000 Petty Cash 6,000 Notes payable 500,000 Accounts Receivable 1,200,000 Merchandise Inventory 1,300,000 Accrued Expenses 90,000 Accounts Payable 650,000 Notes Receivable (collectible annually at P1,000,000 every May 31) 2,000,000 Unearned Rent Income 80,000 How much total current assets should be presented on the statement of financial position of Jay Trading on December 31, 2021?
The cash in bank account of Romeo Co. for april 2020 showed an ending balance of $193947. Deposit in transit on April 30 was $27300. Outstanding checks as of April 30 were $89152.5 including $7500 certified check which the bank has certified on April 27. During the month of April, the bank charged back NSF checks in the amount $5152.5 which 2752.5 had been redeposited by April 20. On April 23, the bank charged Romeo's account $3300 items which have been charged to Rina's Account the error was not detected by the bank. During April, the proceeds from notes collected by the bank for Romeos co was $11322 and bank charges for this services $27 there are not yet recorded by the book. How much is unadjusted balance per bank on April 30? Answ: $253894.5 Romeo company purchased 150000 shares 5% ownership of Blue company on January 14, 2022. Romeo received a share dividend of 8% on March 31, 2022 when the market price of share is $25. On December 14, 2022, Romeo received a cash dividend of $20…
On July 31, 2022, Carla Vista Co. had a cash balance per books of $6,335.00. The statement from Dakota State Bank on that date showed a balance of $7,885.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $19.00. 2. The bank collected $1,715.00 from a customer for Carla Vista Co. through electronic funds transfer. 3. The July 31 receipts of $1,394.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31. 4. Company check No. 2480 issued to L. Taylor, a creditor, for $374.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $347.00. 5. Checks outstanding on July 31 totaled $2,046.10. 6. On July 31, the bank statement showed an NSF charge of $770.00 for a check received by the company from W. Krueger, a customer, on account.…
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How much is the correct cash balance on December 31, 2020? * Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following bank reconciliation for November 2020: Balance per ledger Bank service charges P2,372,000 (2,000) Adjusted balance P2,370,000 Balance per bank statement P2,100,000 Deposit in transit 300,000 Outstanding checks Adjusted balance (30,000) P2,370,000 Information gathered for December 2020 are as follows: Bank Book Checks recorded 2,300,000 2,360,000 Deposits recorded Collection by bank (P400,000 note plus interest) NSF check returned with Dec. 31 1,620,000 1,800,000 420,000 bank statement 10,000 Service charge 2,000 Balances 1,828,000 1,810,000
On December 31, 2021, ABC Company presents the following cash and cash equivalents account balance per ledger items: Demand deposit 2,200,000 Undeposited collection 300,000 Time deposit-30 days 500,000 NSF check of customer 20,000 300,000 35-day money market placement due 1/28/2022 45-day commercial papers due 2/4/2022 80,000 Savings deposit in closed bank 50,000 IOU from an employee 150,000 Preferred redemption fund 400,000 Additional information: a) Included in the demand deposit of P2,200,000 was a customer check amounting to P50,000 dated January 25, 2022. b) Also included in the bank deposit is a customer check amounting to P90,000 dated December 31, 2020. The company neglected to encash the check. On December 31, 2021, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer. c) Check of P60,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. d) creditors on…
Based on the following data of KONTINALANG Co., how much is the adjusted bank balance as of December 31, 2019?
The Treasurer for Marvel Inc., was preparing a bank reconciliation statement as of September 30, 2020. The following were identified: Marvel Inc., book balance =$37,200 Deposit in Transit = $6,200 Outstanding checks = $1,100 Interest earned on checking account =$200 Customer NSF check returned by bank =$600 Find out the adjusted cash balance as at September 30, 2020.

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