Problem 14-1 (AICPA Adapted)Campbell Company had the following account balances on December31, 2019:Petty cash fundCash in bank - current accountCash in bank - payroll accountCash in bank - sinking fundCash on handCash in bank - restricted account for plant additionand expected to be disbursed in 2020Treasury billsThe petty cash fund included unreplenished December 2019 pettycash expense vouchers P5,000 and employee IOU P5,000.50,0004,000,0001,200,0002,000,000500,000The cash on hand included a P100,000 customer check payable toCampbell dated January 15, 2020.1,500,0001,000,000In exchange for a guaranteed line of credit, the entity has agreed tomaintain a minimum balance of P200,000 in the unrestrictedcurrent bank account.The sinking fund is set aside to settle a bond payable that is due onDecember 31, 2020.a. 8,640,000b. 7,440,000What total amount should be reported as cash and cashequivalents on December 31, 2019?c. 7,640,000d. 5,640,000152 Problem 14-3 (IAA)On December 31, 2019, Erika Company reported cash accountbalance per ledger of P9,500,000 which included the following:Cash in bank-demand depositTime deposit - 30 daysNSF check of customerMoney market placement due on June 30, 2020Saving depositIOU from an employeePension fundCustomer check dated January 31, 2020Customer check outstanding for 18 months*3,000,000500,000200,0002,000,0001,000,000300,0001,500,000Check of P100,000 in payment of accounts payable was datedand recorded on December 31, 2019 but mailed to creditorson January 15, 2020.600,000400,0009,500,000Check of P300,000 dated January 31, 2020 in payment ofaccounts payable was recorded and mailed December 31, 2019.a. 4,700,000b. 6,700,000The cash receipts journal was held open until January 15, 2020,during which time P200,000 was collected and recorded onDecember 31, 2019.c. 4,900,000d. 5,100,000What total amount should be reported as cash and cashequivalents on December 31, 2019?

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Business

Accounting

What total amount should be reported as cash and cash equivalents on December 31, 2019?

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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subject : Accounting
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