The following data is given:December 31,20212020Cash$59,000$49,500Accounts receivable (net)103,00059,000Inventories93,000102,000Plant assets (net)381,500320,000Accounts payable55,50040,500Salaries and wages payable9,5005,000Bonds payable71,50068,0008% Preferred stock, $40 par100,000100,000Common stock, $10 par120,00090,000Paid-in capital in excess of par80,00065,000Retained earnings200,000162,000Net credit sales940,000Cost of goods sold750,000Net income82,000Compute the following ratios: (Round answers to 2 decimal places e.g. 15.25.)(a)Acid-test ratio at 12/31/21:1(b)Accounts receivable turnover in 2021times(c)Inventory turnover in 2021times(d)Profit margin on sales in 2021(e)Return on common stockholders' equity in 2021%(f)Book value per share of common stock at 12/31/21

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Answered: The following data is given: December…

The following data is given: December 31, 2021 2020 Cash $59,000 $49,500 Accounts receivable (net) 103,000 59,000 Inventories 93,000 102,000

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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58. Which of the following is/are cash equivalents?I. 180-day investment in a money market dated August 1, 2021 and purchased on November 15, 2022, P25,000II. Postal Money Order, P60,000III. 90-day treasury bill, P50,000IV. Two-year treasury note dated February 15, 2020, and acquired on December 1, 2021, P120,000. a. I and III b. I, II and III c. I, II, III and IV d. I, III and IV
The excess (deficiency) of cash available over disbursements for December would be: P40,400 P68,600 P28,200 P12,200
Notes 2022 2021 ASSETS Cash on hand 1,404,561 2,529,876 Statutory deposits with Central Banks 7,508,221 7,045,773 Due from banks 9,178,784 12,425,341 Treasury Bills 8,400,605 4,934,664 Advances 4 56,829,415 55,515,628 Investment securities 5 19,953,780 19,259,501 Investment interest receivable 203,693 205,204 Investment in associated companies 6 62,603 55,961 Premises and equipment 7 3,255,758 3,218,670 Right-of-use assets 8 (a) 398,405 477,858 Intangible assets 9 1,143,560 1,171,222 Pension assets 10 (a) 1,200,717 1,415,216 Deferred tax assets 11 (a) 316,556 246,214 Taxation recoverable 49,290 72,817 Other assets 12 1,071,755 594,950 TOTAL ASSETS 110,977,703 109,168,895 LIABILITIES AND EQUITY LIABILITIES Due to banks 445,410 155,985 Customers’ current, savings and deposit accounts 13 87,586,189 86,609,634 Other fund raising instruments 14 4,461,931 4,618,554 Debt securities in issue 15 1,674,719 1,865,895 Lease liabilities 8 (b) 420,088 482,867 Pension liability 10 (a) 40 25,356…
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
48. The following information pertains to Papaya Company on December 31, 2020: Bank statement balance- P5,000,000; Checkbook balance- P5,600,000; Deposit in transit- P2,000,000; Outstanding checks, including P100,000 certified check- P500,000. In Papaya's December 31, 2020 statement of financial position, cash should be reported at: A. P6,500,000 B. P6,600,000 C. P7,100,000 D. P7,200,000
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Expected cash collections in December are: P54,400 P256,000 P320,000 P310,400
PROBLEM 1 Argentina Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Security bank current account PNB current account BDO current account (overdraft) BSP treasury bill - 120 days BPI time deposit - 90 days Bond sinking fund P1,000,000 50,000 2,000,000 1,500,000 (200,000) 3,000,000 2,000,000 2,500,000 • The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. • The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. • The BPI time deposit is set aside for acquisition of land to be made in early January 2021. • The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents.
Flint Corp. reported the following items on its June 30, 2020 trial balance and on its comparative trial balance one year earlier: June 30, June 30, 2020 2019 Cash in bank $12,050 $9,770 Petty cash 680 540 Investment in shares of GTT Ltd. (to be sold within 60 days) 7,000 -0- Investment in Canada 60-day treasury bills 20,400 -0- Accounts payable 66,505 69,310 Temporary bank overdraft, chequing account 13,000 1,300 Determine the June 30, 2020 cash and cash equivalents amount for the 2020 statement of cash flows, and calculate the change in cash and cash equivalents since June 30, 2019. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Cash and Cash Equivalents 24 Net Increase/(Decrease) $
A company reported the following information: Accounts receivable, December 31, 2023: $122,000 Accounts receivable, December 31, 2022: $113,000 Sales (all on credit) for 2023: $850,000 Accounts receivable, December 31, 2023 $122,000 Accounts receivable, December 31, 2022 113,000 Sales (all on credit) for 2023 850,000 How much cash was collected from customers during 2023?
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…
Mickey Mouse Corporation reported total cash and cash equivalent of P5,500,000 on December 31, 2021 include the following information:a. Two certificates of deposits, each totaling P500,000. One certificate having a maturity of 120 days and other certificate having a maturity of 90 days. b. A check that is dated January 3,2022 in the amount of P250,000.c. A check that is yet to deliver to the payee until December 31, 2021 amounting to P350,000.d. Currency and coins in hand amounted to P10,500.e. Check payable to Mickey Mouse Corporation amounting to P100,000 was deposited on December 13, but returned by the bank on December 25, stamped “DAIF”. No entry has yet been made to return the return of the check.Mickey Mouse Corporation has agreed to maintain a cash balance of P700,000 in one of its banks at all times to ensure future credit availability (this amount is not legally restricted as to withdrawal and was included in the above balance). How much is the correct amount of cash and…