The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash on hand P250,000 Petty cash fund Security Bank account 10,000 1,250,000 PNB Current account No.1 450,000 PNB Current account No.2 (25,000) 3,500,000 BSP treasury bill - 60 days BPI time deposit – 30 days 1,000,000 Other information: The cash on hand includes a customer postdated check of P15,000, NSF customer check of P10,000 and postal money order of P5,000. b. The petty cash fund includes unreplenished petty cash vouchers for P3,000 and an employee check for P5,000 dated January 5, 2023. A check for P250,000 was drawn against Security Bank account dated January 5, 2023, delivered to the payee and recorded December 31, 2022. d. The BPI time deposit is set aside for acquisition of land to be used as factory site. а. с. Compute the following: 1. Cash on hand 2. Petty cash fund 3. Security Bank current account 4. Cash and cash equivalents

The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash on hand P250,000 Petty cash fund Security Bank account 10,000 1,250,000 PNB Current account No.1 450,000 PNB Current account No.2 (25,000) 3,500,000 BSP treasury bill - 60 days BPI time deposit – 30 days 1,000,000 Other information: The cash on hand includes a customer postdated check of P15,000, NSF customer check of P10,000 and postal money order of P5,000. b. The petty cash fund includes unreplenished petty cash vouchers for P3,000 and an employee check for P5,000 dated January 5, 2023. A check for P250,000 was drawn against Security Bank account dated January 5, 2023, delivered to the payee and recorded December 31, 2022. d. The BPI time deposit is set aside for acquisition of land to be used as factory site. а. с. Compute the following: 1. Cash on hand 2. Petty cash fund 3. Security Bank current account 4. Cash and cash equivalents

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

8) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…
Kanor Company provided the following on December 31, 2020: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty Cash (unreplenished petty cash expenses, P10,000) 50,000 Notes receivable 4,000,000 Accounts receivable, net of accounts with credit balances of P1.5M 6,000,000 Inventory 3,500,000 Bond Sinking Fund 3,000,000 Accounts Payable, net of accounts with debit balances of P1M 7,000,000 Notes payable 4,000,000 Bond payable due June 30, 2021 3,000,000 Accrued expenses 2,000,000 What amount should be reported as total current liabilities on December 31, 2020? A. 19,000,000 B. 16,000,000 C. 15,500,000 D. 15,000,000
The following information was available to reconcile A.C. Forrest Company's book cash balance with its bank statement as of June 30, 2020: The June 30 cash balance according to the accounting records was $14,630. Oustanding checks from May's bank reconciliation: Check # 229 $770 Check # 230 540 Below is a record of the cash receipts and cash payments for June: Cash Deposits Cash Payments Date Amount Check# Amount Jun 2 $3,600 231 $1,500 Jun 5 4,210 232 7,510 Jun 11 5,230 233 1,800 Jun 17 4,500 234 3,230 Jun 23 3,350 235 1,100 Jun 27 5,100 236 1,250 Jun 30 5,390 237 6,270 238 1,650 239 820 240 1,430 241 740 242 1,310 243 2,190 244 5,300 Continued…
ht nces Specter Company combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash equivalents. . . . . $5,000 cash deposit in checking account. $24,000 bond investment due in 20 years. $6,000 U.S. Treasury bill due in 1 month. $300, 3-year loan to an employee. $1,400 of currency and coins. $600 of accounts receivable. Checking account Bond investment U.S. Treasury bill Loan to an employee Currency and coins Accounts receivable Amount Total Cash and cash equivalents 5,000 24,000 6,000 300 1,400 600 Included in Cash and Cash Equivalents? Cash and Cash Equivalents Amount $ $ 0 0 0 0 0 0 0
The controller of Sim Company is trying to determine the amount of cash and cash equivalents to be reported on its December 31, 2021 statement of financial position. The following information is provided: a. Balances in the company's accounts at BPI bank: Checking account - P540,000 Savings account - P884,000 b. Undeposited customer checks of P208,000. c. Currency and coins on hand of P23,200. d. Savings account at PNB with a balance of P350,000. This account is being used to accumulate cash for future plant expansion (in 2023). e. P800,000 balance in checking account at PNB. In exchange for a line of credit, Sim has agreed to maintain a minimum balance of P100,000 in this account. f. Treasury bills: 30-day maturity bills totaling P600,000, and 180-day bills totaling P800,000. What total amount of cash and cash equivalents should be reported in the current asset section of the 2021 statement of financial position?
Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank-checking account $ 34,500 U.S. Treasury bills (mature in 60 days)*Footnote asterisk 7,000 Cash on hand (currency and coins ) 2,550 U.S. Treasury bills (mature in six months)*Footnote asterisk 22,000 Undeposited customer checks 3,040 * Footnote asterisk Purchased on 11/30/2024 Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. For each of the items not included in your answer to requirement 1, select the correct classification of the item.
9. On December 31, 2022, the cash account of Mobile Legends Company shows the following composition: Cash: Traveler's check P 10,000 Manager's check Petty cash Fund (including expense receipts for P3,000) Savings account, including compensating balance of P40,000 are legally restricted 23,000 6,000 200,000 1,000 Postage stamps IOUS from the officers 3,000 Bank draft in a checking account with Allied Bank 70,000 Checking account in Doug Bank, per book (outstanding checks as of year-end is P10,000) 90,000 Postal money order 20,000 Deposit segregated to pay dividends 100,000 Cash Equivalents: Securities: Date Acquired Maturity / Redemption Date Amount Treasury Bills 01/30/22 01/30/23 P 18,000 Money Market 11/01/22 04/01/23 70,000 Certificate of Deposit 12/01/22 02/28/23 50,000 Investment in Preference Shares 09/15/22 01/15/23 12,000 How much is the amount of Cash and Cash Equivalents to be presented in the balance sheet? A. 456,000 В. 516,000 C. 466,000 D. 526,000
Armenia Company reported the following information on Problem 1-3 (IAA) December 31, 2020: Cash on hand Petty cash fund" Cash in bank 1,000,000 50,000 4,000,000 2,000,000 Saving deposit 7,050,000 Cash on hand included the following: a. Customer check of P100,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by bank January 5, 2021. b. Customer check for P150,000 dated January 15, 2021 received December 22, 2020. c. Postal money orders received from customers, P200,000. The petty cash fund consisted of the following items: * Currency and coins Employees' IOUS Currency in envelope marked collections for Christmas party Check drawn by Armenia payable to petty cashier 2,000 10,000 5,000 33,000 50,000 Check written and dated December 22, 2020 and delivered to payee on Januarý 5, 2021, P200,000. Check written December 26, 2020 and dated January 31, 2021 delivered to payee on December 26, 2020, P300,000. Required: 1. Prepare adjusting…
On December 31, 20X1, Albania Company provided the following data: Cash in bank 3,000,000 Time deposit – 30 days 1,000,000 Money market placement due on June 30, 20X2 2,000,000 Saving deposit in a closed bank 100,000 Sinking fund for bond payable June 30, 20X3 1,500,000 Petty cash fund 20,000 The cash in the bank included a customer check of P200,000 outstanding for 18 months. A check of P250,000 in payment of accounts payable was dated and recorded on December 31, 20X1, but mailed to creditorson January 15, 20X2. Check of P100,000 dated January 31, 20X2, in payment of accounts payable was recorded and mailed December 31, 20X1. The reporting period is the calendar year. Answer: Cash in bank 3,000,000 Customer check outstanding for 18 months (200,000) Undelivered check 250,000 Postdated check delivered 100,000 Collection on January 2020 recorded on December 31, 2019 (450,0000) Adjusted Cash in Bank 2,700,000 Cash in Bank 2,700,000 Time Deposit- 30 DAYS 1,000,000 Petty Cash Fund…
Cash and Cash Equivalent & Receivables The following transactions occurred between January to September 2021 for Westwood Corp.: 1. Certificate of deposits received $1,400,000 2. Cash advances made to Eastwood Corporation (a subsidiary of Westwood) $980,000 3. Advance deposit paid to Light and Power Corp. for electricity $600 4. Overdraft in special chequing account at same bank as regular chequing account $17,000 5. Petty cash fund $300 6. Coins and currency on hand $1,350 7. Postdated cheque from Mr. Blanc Chek (customer) $11,000 8. Certified cheque Tenor Inc. (customer) $9,800 9. Postage stamps on hand $620 10. Money market balance at mutual fund (fund has chequing privileges) $48,000 11. NSF cheque received from Mr. Black List (customer) $800 12. Cash advance received from Mr. Paul Prompt (customer) and not included in cash balance $900 13. Cash advance to two company executives payable on demand $7,000 14. Refundable deposit paid to a supplier of specialized drones to guarantee…
Phillip Company provided the following information with respect to its cash and cash equivalents on December 31, 2021: Checking account at First Bank - (200,000) Checking account at Second Bank - 3,500,000 Treasury bonds - 1,000,000 Payroll account - 500,000 Value added tax account - 400,000 Foreign bank account - restricted (in equivalent pesos) - 2,000,000 Postage stamps - 50,000 Employee's postdated check - 300,000 IOU from president's brother - 750,000 Credit memo from a vendor for a purchase return - 80,000 Traveler's check - 300,000 Not-sufficient-fund check - 150,000 Petty cash fund (P20,000 in currency and expense receipts for P30,000) - 50,000 Money order - 180,000 What amount should be reported as unrestricted cash on December 31, 2021?
39 AA Company maintained cash in bank at Lunar Bank. This account is used for disbursement to various suppliers and had P3,245,000 balance as of December 31, 2022. The selected items below are part of the recorded disbursements in 2022 which are not yet encash by the payee: Check payable to a supplier dated 3/31/2022, released 3/1/2022 P215,000 Check payable to a supplier dated 12/30/2022, released 1/2/2022 195,000 Check payable to a supplier dated 12/31/2022, released 11/15/2022 320,000 Check payable to a supplier dated 1/4/2023, released 12/28/2022 100,000 Check payable to a supplier dated 12/26/2022, released 12/30/2022 185,000 What is the correct cash balance as of December 31, 2022?