You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4, by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1.182,000 O 1,220,000 O 1,350,000

You are auditing the cash account of GSP Company with a balance of P 840,000 as of December 31, 2022. On deposit in a current account with the Banco de Oro Cash collections not yet deposited to the bank A customer's check returned by the bank for insufficient fund A check drawn by the Vice President of the company dates January 15, 2023 A check drawn by a supplier dated December 28, 2022 for goods returned by GSP Petty Cash Fund of which P 12,000 is in currency; P 4,000 in form of IOUS, and P 4, by approved petty cash vouchers for expenses all dated prior to closing of the books 31, 2022 TOTAL Less: Overdraft with BPI secured by a chattel mortgage on the inventories Balance per ledger What is cash balance that would be reported in the statement of financial position as at December 31, 2022? O 1,208,000 O 1.182,000 O 1,220,000 O 1,350,000

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

Jungkook Company reported a cash balance of P3,310,476 on December 31, 2020. The amount consistsof the following:• Petty cash fund (including expense receipts for P 2,340)- P10,000• Checking account in BDO (outstanding checks at Dec. 31, P26,780)- P286,230• Cash on hand, including a customer’s check of P4,750 dated January 15, 2021- P38,246• Cash in bank, General account, net of P12,000 bank overdraft in another bank’s account- P284,000• Cash in bank, payroll account, net of P 8,500 check dated December 26, but undelivered as ofDecember 31, 2020- P225,000• Sinking fund cash- P1,567,000• Short-term treasury bills- P120,000• Cash surrender value of life insurance- P780,000At what amount should cash and cash equivalents of Jungkook reported on December 31, 2020?
The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank 350,000 A customer’s check returned by the bank for insufficient fund 150,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 70,000 A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees’ I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000 Total P1,950,000 Less: Overdraft with…
On July 31, 2022, Ivanhoe Company had a cash balance per books of $6,310.00. The statement from Dakota State Bank on that date showed a balance of $7,860.80. A comparison of the bank statement with the Cash account revealed the following facts. The bank service charge for July was $18.00. The bank collected $1,690.00 for Ivanhoe Company through electronic funds transfer. The July 31 cash receipts of $1,370.30 were not included in the bank statement for July. These receipts were deposited by the company in a night deposit vault on July 31. 1. 2. 3. Company check No. 2480 issued to L. Taylor, a creditor, for $354.00 that cleared the bank in July was incorrectly recorded as a cash payment on July 10 for $345.00. Checks outstanding on July 31 totaled $2,003.10. On July 31, the bank statement showed an NSF charge of $745.00 for a check received by the company from W. Krueger, a- 4. 5. 6. customer, on account. (a) Prepare the bank reconciliation as of July 31. (List items that increase…
Miller Corporation’s December 31, 2019, bank statement showed a $2,041.25 balance. On this date, Miller’s Cash account reflected a $150.90 overdraft. In reconciling these amounts, the following information is discovered: 1. Cash on hand for undeposited sales receipts, December 31, $131.25. 2. Customer NSF check returned with bank statement, $426.20. 3. Cash sales of $625.25 for the week ended December 18 were recorded on the books. The cashier reports this amount missing, and it was not deposited in the bank. 4. Note receivable of $2,400.00 and interest of $24 collected by the bank and not recorded on the books. 5. Deposit in transit December 31, $330.00. 6. A customer check for $195.40 in payment of its account was recorded on the books at $945.10. 7. Outstanding checks, $2,030.55. Includes a duplicate check of $63.85 to C. Brown, who notified Miller that the original was lost. Miller stopped payment on the original check and has already adjusted the cash account…
Your audit senior instructed you to prepare a four-column proof of cash receipts and disbursements for the month of December 2021. The bank reconciliation prepared by Alimall Company at November 30 is reproduced below : Unadjusted bank balance P 96,800 Unadjusted book balance P 58,640 Add: Deposit in transit 18,000 Add : CM-Note collected 40,320 Total 114,800 Total P 98,960 Less: Outstanding checks : Less : DM bank charges 160 No. 276 P 2,400 282 7,200 284 4,800 285 1,600 16,000 Adjusted Balance P 98,800 Adjusted balance P 98,800 The December bank statement which has a beginning balance of P…
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,742, while the company’s records show a balance of $12,336. Information that might be useful in preparing a bank reconciliation is as follows: Outstanding checks are $1,235. The October 31 cash receipts of $790 are not deposited in the bank until November 2. One check written in payment of utilities for $138 is correctly recorded by the bank but is recorded by Blockwood as a disbursement of $183. In accordance with prior authorization, the bank withdraws $551 directly from the checking account as payment on a note payable. The interest portion of that payment is $51 and the principal portion is $500. Blockwood has not recorded the direct withdrawal. Bank service fees of $25 are listed on the bank statement. A deposit of $568 is recorded by the bank on October 13, but it did not belong to Blockwood. The deposit should have been made to the checking account of Hollybuster Video, a…
Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following. O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…
Serato Company keeps all its cash in a checking account. An examination of the entity's accounting records and bank statement for the month ended December 31, 2020 revealed a bank statement balance of P8,469,000 and a book balance of P8,524,000. A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank statement. Checks outstanding on December 31 amount to P270, 000. The bank statement shows that on December 25, the bank collected a note for Serato Company and credited the proceeds of P935,000 to the entity's account. The proceeds included P35,000 interest, all of which Serato Company earned during the current period. Serato Company has not yet recorded the said collection. Serato Company discovered that check number 1000759 written in December for P183,000 in payment of an account had been recorded in the entity's records as P138,000. Included with the December 31 bank statement was an NSF check for P250,000 that Serato Company had received…
compute for adjusted book balance as on november 30 , adjusted bank receipts for december ; adjusted bank disbursements for December Please show complete solutions.
Preparation of Proof of Cash with Missing Outstanding Checks at end of year The following information were presented to you by Android Corporation in connection to your audit of its Cash in Bank account for the month of December 2020: Cash in bank account balances in company's books: November 30 -P 1,876,500; December 31 - P 1,576,500 Bank statement balances: November 30 – P 1,875,000; December 31-P 2,025,000 Bank statement debits during December were P 1,950,000. Company collections not yet deposited to the bank: November 30 –P 300,000; December 31- P А. В. C. D. 229,500. Checks issued already credited in company's accounting books but not yet paid by the bank on November 30 were P 225,000. Bank credit errors: November 30 -P 67,500; December 31 - P 25,500. F. G. Bank debit errors: November 30 -P 30,000; December 31 -P 45,000. Н. Bank credit memorandum indicating collection of notes receivable were P 187,500 in November and P 225,000 in December. Customer's NSF Check returned by bank…
I want Solution please provide it
i need the answer quickly