What total amount should be reported as CASH EQUIVALENTS on December 31, 2020? * Aruba Company had a checkbook balance on December 31, 2020 of P8,000,000 and held the following items in the safe: Check payable to Aruba, dated January 5, 2021, included in the December 31 checkbook balance 2,000,000 Check payable to Aruba, deposited December 20, and included in the December 31 checkbook balance but returned by bank on December 30, stamped "NSF". The check was redeposited January 2, 2021, and cleared January 3, 2021 Check drawn on Aruba's account and payable to a vendor, dated and recorded on December 31 but not mailed until January 15, 2021 Cash on hand – undeposited collections Change fund Time deposit for plant expansion Treasury bills purchased on Nov. 30, 2020 and due on Feb. 28, 2021 Money market placement- 90 days Postage stamps unused 500,000 1,500,000 400,000 40,000 1,000,000 2,500,000 3,000,000 10,000

What total amount should be reported as CASH EQUIVALENTS on December 31, 2020? * Aruba Company had a checkbook balance on December 31, 2020 of P8,000,000 and held the following items in the safe: Check payable to Aruba, dated January 5, 2021, included in the December 31 checkbook balance 2,000,000 Check payable to Aruba, deposited December 20, and included in the December 31 checkbook balance but returned by bank on December 30, stamped "NSF". The check was redeposited January 2, 2021, and cleared January 3, 2021 Check drawn on Aruba's account and payable to a vendor, dated and recorded on December 31 but not mailed until January 15, 2021 Cash on hand – undeposited collections Change fund Time deposit for plant expansion Treasury bills purchased on Nov. 30, 2020 and due on Feb. 28, 2021 Money market placement- 90 days Postage stamps unused 500,000 1,500,000 400,000 40,000 1,000,000 2,500,000 3,000,000 10,000

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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The following information was included in the bank reconciliation for EEECompany for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 Total credits to cash in all journals during November 1,550,000Customer’s NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 Outstanding checks on October 31,2020 that cleared in November 575,000 What is the total amount of outstanding checks on November 30,2020? FFF Company had the following bank reconciliation on June 30, 2020:
checkbook balance on December 31, 2020 of P8,000,000 and held the following items in the safe: Check payable to Aparri, dated January 5, 2021, included in December 31 checkbook balance 2,000,000 Check payable to Aparri, deposited December 20, and included in December 31 checkbook balance, but returned by bank on December 30, stamped “NSF”. The check was redeposited January 2, 2021 and cleared January 3, 2021 500,000 Check drawn on Aparri’s account and payable to a vendor, dated and recorded December 31 but not mailed until January 15, 2021 1,500,000 Cash on hand – undeposited collections 400,000 Change fund 40,000 Time deposit for plant expansion 1,000,000 Treasury bill 2,500,000 Money market placement 3,000,000 Postage stamps unused 10,000 What total amount should be reported as cash on December 31, 2020?
On 14 December 2021, Catz Zone Enterprise received the monthly bank statement for the month of November 2021. The bank statement showed the following information: Union Bank Berhad DateDescription Payments (RM) Receipts (RM) Balance (RM) 1 NovBalance b/d 21,000 3 314566 500 20,500 4 Cheque Deposit- 203201 22,150 21,500 1,650 6. 314567 650 8. 314568 710 20,790 Cheque Deposit - 432512 314569 9. 1,080 19,710 15 800 18,910 19,710 20,210 16 Cheque Deposit - 113998 800 20 Credit Transfer 500 23 Direct Debit 300 19,910 19,610 19,951 24 314570 300 Cheque Deposit - 145321 Bank Charges 26 341 100 19,851 28 The cash records prepared by Catz Zone Enterprise for the month of November 2021 were as follows: Cásh Receipts Journal (Bank column only) Cheque no. Amount (RM) Date Particulars 203201 1,650 3 Nov Sales 432512 1,800 8. Mariam 754654 1,000 13 Andy 113998 800 15 Svera
The following information was included in the bank reconciliation for EEE Company for October and November 2020: Checks and charges recorded by bank in November, including a November service charge of P10,000 and NSF check of P50,000 1,375,000 Service charge made by in October and recorded by depositor in November 5,000 Total credits to cash in all journals during November 1,550,000 Customer's NSF check returned in October and redeposited in November (no entry made by depositor in either October or November) 100,000 Outstanding checks on October 31,2020 that cleared in November 575,000 5. What is the total amount of outstanding checks on November 30,2020?
Taemin Inc. had a checkbook balance on December 31, 2020 of P10,000,000 and held the following items in the safe:· Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook balance- P3,000,000· Check payable to Taemin Inc., deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2021 and cleared January 3, 2021- P1,000,000· Check drawn on Taemin Inc.’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2021- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2020?
Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Suga, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Suga, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Suga’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?
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.
If we prepare financial statement for 31 december 2021, what should we enter in balance sheet and comprehensive income statement about this transaction? Cash at bank includes EURO 5,000. Currency rate on 31 December 2021 was 1.2EUR/1USD, currency rate on the date of trial balance preparation was 1.25EUR/1USD
Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Hotdog, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Hotdog, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Hotdog's account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?
The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R17 732.50 The provisional total the bank column in the Cash payments journal was R23 233.58 A direct deposit to the amount of R3 500.00 made by a client was entered in the correct cash journal as R5 300.00 Debit order in favour of Tshwane Municipality to the amount of R3 780.25 in payment of the water and electricity account SA Traders returned unfit merchandise with a selling price of R1 650.36. SA Traders purchased the merchandise on credit Services delivered for cash to SA Dealers - R1 874.55 Bank charges per the bank statement, R215.35 Interest on a favourable bank balance amounted to R365.40 What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop…
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?
A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following: 2.1 Provisional totals in the cashbooks on 30 June:  Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was originally written out to Gift for theNeedy as a donation on 20 November 2018.2.5 The correction of the incorrect cheque for R570 refers to a chequethat was incorrectly debited twice by the bank. This error has notbeen rectified by the bank.2.6 The bookkeeper is in possession of two cheques that she has notentered as she is unsure of what to do: CHQ 141 for R5 400 issued to Gilford’s Furnisher’s dated 15July…