Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159516
Author: PHILLIPS
Publisher: MCG
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Chapter 5, Problem 14ME
To determine
To mention: Whether the given items should be reported as cash and cash equivalents by indicating Yes, or, No
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Indicate (Yes or No) whether each of the following is properly included in Cash and CashEquivalents._______ 1. $10,000 of government Treasury bills purchased 10 days prior to their maturity._______ 2. $50,000 of government Treasury bills purchased to satisfy a legal requirement to setaside funds for a landfill cleanup._______ 3. $10,000 of cash owed by customers on sales made within 20 days of year-end._______ 4. $1,000 of cash in the petty cash custodian’s locked cash box.
How much expense should recognized in 2021?
Chapter 5 Solutions
Fundamentals Of Financial Accounting
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What aspect(s) of the Sarbanes-Oxley Act might...Ch. 5 - Prob. 7QCh. 5 - What are the five components of an internal...Ch. 5 - Prob. 9QCh. 5 - Why is it a good idea to assign each task to only...
Ch. 5 - Prob. 11QCh. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - What is the primary internal control goal for cash...Ch. 5 - Prob. 18QCh. 5 - Prob. 19QCh. 5 - Prob. 20QCh. 5 - Prob. 21QCh. 5 - Prob. 22QCh. 5 - Prob. 23QCh. 5 - Prob. 24QCh. 5 - Prob. 1MCCh. 5 - Prob. 2MCCh. 5 - Prob. 3MCCh. 5 - Prob. 4MCCh. 5 - Which of the following internal control principles...Ch. 5 - Prob. 6MCCh. 5 - Prob. 7MCCh. 5 - Prob. 8MCCh. 5 - Prob. 9MCCh. 5 - Prob. 10MCCh. 5 - Prob. 1MECh. 5 - Prob. 2MECh. 5 - Prob. 3MECh. 5 - Prob. 4MECh. 5 - Prob. 5MECh. 5 - Prob. 6MECh. 5 - Prob. 7MECh. 5 - Prob. 8MECh. 5 - Prob. 9MECh. 5 - Prob. 10MECh. 5 - Prob. 11MECh. 5 - Prob. 12MECh. 5 - Prob. 13MECh. 5 - Prob. 14MECh. 5 - Prob. 15MECh. 5 - Prob. 16MECh. 5 - Identifying Internal Control Principle and...Ch. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Prob. 6ECh. 5 - Reporting Cash, Cash Equivalents, and Restricted...Ch. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 1CPCh. 5 - Prob. 2CPCh. 5 - Prob. 3CPCh. 5 - Prob. 4CPCh. 5 - Prob. 1PACh. 5 - Prob. 2PACh. 5 - Prob. 3PACh. 5 - Prob. 4PACh. 5 - Prob. 1PBCh. 5 - Prob. 2PBCh. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - Recording Transactions and Adjustments,...Ch. 5 - Finding Financial Information Refer to the...Ch. 5 - Comparing Financial Information Refer to the...Ch. 5 - Ethical Decision Making: A Real-Life Example When...Ch. 5 - Ethical Decision Making: A Mini-Case You are an...Ch. 5 - Accounting for Cash Receipts, Purchases, and Cash...
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- А. Savonn Enterprise is a small retail business located in Alor Setar, Kedah. The followings are information on bank transactions of Savonn Enterprise as at 31 January 2022: i. Amount of cash as shown on the bank statement and book respectively are RM33,815 and RM33,044. The bank collected RM550 on a note receivable for Savonn Enterprise. The bank charged a collection fee of RM10 which was credited to Savonn Enterprise's account. A deposit of RM2,850, representing cash receipts by Savonn Enterprise on 31 January, did not appear on the bank statement. An Non-Sufficient Fund (NSF) cheque for RM180 from a customer, Mr Gebang Kencang, was returned with the bank statement. Also returned with the bank statement is a cheque amounted RM650 from Mr Kuwat Klentong for having different authorised signature on the cheque. The bank paid correctly an amount of RM3,680 for cheque No 2808 which was recorded in a book as RM3,860. Outstanding cheque include cheques No. 1001 and No. 1002, with the amount…arrow_forwardPart 1. 1. If HHC has \$1,450 cash$500 of government Treasury bills purchased four months ago, $840 of cash set aside for its workers compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Part 2: 2. I established the fund by cashing a check from HHC for $265 made payable me. Record the transaction 3. Tom Canuck provided a $79 receipt for repairs to the club's computer, so I paid $79 cash to him. Record the transaction. 4. Kim Harra provided a receipt for $59 for various supplies she planned to use to decorate the arena later this year. I paid $59 cash to her. Record the transaction. 5. Trainer Jim bought some equipment that the club intends to use for the next few years. He gave me the receipt and I paid him $89. Record the transaction. 6. On the last day of the month, I prepared a summary of expenditures and requested the fund be replenished. I received and cashed a check from HHC for $227, placing the cash into a locked cash…arrow_forwardBeginning January 2022, WMA Enterprise has established a petty cash fund for its small expenditures. The following transactions took place during the month: Date Transactions 2 Jan. Established a RM300 petty cash fund with cash withdrawn from the company's current account. 31 Jan. The petty cash fund has RM12 remaining and is replenished. Expenditures during the month were RM80 for freight-in, RM65 (meals), RM40 (postage), RM75 (amenities) and RM25 (parking). B.arrow_forward
- 2. If HHC has $1,100 cash, $400 of government Treasury bills purchased four months ago, and $770 of cash set aside for its workers' compensation insurance, how much will the company report on the balance sheet as "Cash and Cash Equivalents"? Cash and Cash Equivalentsarrow_forwardTRANSACTIONS (for year 20X1) June 1 Issued Check 4121 for $1,900 to pay the monthly rent. 2 Issued Check 4122 for $3,600 to remit the state sales tax. 3 Issued Check 4123 for $2,720 to Perfect Timing Watch Company, a creditor, in payment of Invoice 6808, dated May 5.4 Issued Check 4124 for $150 to establish a petty cash fund. (After journalizing this transaction, be sure to enter it on the first line of the petty cash analysis sheet.) 5 Paid $24 from the petty cash fund for office supplies, Petty Cash Voucher 1. 7 Issued Check 4125 for $2,704 to Perry Corporation in payment of a $2,600 promissory note and interest of $104. 8 Paid $14 from the petty cash fund for postage stamps, Petty Cash Voucher 2.10 Issued Check 4126 for $588 to a customer as a cash refund for a defective watch that was returned; the original sale was made for cash. 12 Issued Check 4127 for $270 to pay the telephone bill. 14 Issued Check 4128 for $5,537 to International Jewelry Company, a creditor, in payment of…arrow_forwardOn December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021, the petty cash fund comprised the following information: Coins and currencies 6,000 Petty cash vouchers for miscellaneous expense 46,000 The petty cash fund was replenished on December 31, 2021. What entry should Hazel make on December 31, 2021 to record the replenishment of petty cash fund?arrow_forward
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- 31. Vigan Corporation included the following in its notes receivable as at December 31, 2021: Note receivable from sale of land P 880,000 1,200,000 Note receivable from consultation Note receivable from sale of equipment 1,600,000 In connection with your audit, you were able to gather the following transactions during 2021 and other information pertaining to the company's notes receivable: a. On January 1, 2021, Vigan Corporation sold a tract of land. The land was purchased 10 years ago was carried on Vigan's Corporation's books at a value of P 500,000. Vigan received a noninterest bearing note for P 880,000. The note is due on December 31, 2022. There is no readily available market value for the land but the current market rate of interest for comparable notes is 10%. b. On January 1, 2021, Vigan Corporation finished consultation services and accepted in exchange of a promissory note with a face value of P 1,200,000, a due date of December 31, 2023 and a stated rate of 5% with…arrow_forwardRequired: a. On March 1, check is issued to establish a petty cash fund of $1,050.* b. On April 1, The amount of cash in the petty cash fund is now $106. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $603; miscellaneous selling expense, $183; miscellaneous administrative expense, $136. If the amount of the check to replenish the fund plus the balance in the fund do not equal $1,050, record the discrepancy in the cash short and over account.* https://v2.cengagenow.com/ilrn/createAssignment/printAssignment.do?assignmentld=2942339&answerkey=false 6/8 11/9/21, 1:54 PM CengageNOWv2 | Online teaching and learning resource from Cengage Learning *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.…arrow_forward38. Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the count of cash on hand indicated that P3,557.40 remained in the fund. A review of petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies – P841.60 Postage – P780.00 Representation – P1,000,00 Transportation – P1,321.40 Miscellaneous – P837.60 Other items found in the petty cash drawer were as follows: A sympathy envelope containing P3,500, representing employees’ contributions for the death of the mother of the company’s messenger. An employee’s check for P1,100 dated August 15, 2021. The given information indicates that there is a a. 538 shortage b. 562 shortage c. 562 overage d. 538 overage 39. During 2021, Tartarus Company signed a noncancellable contract to purchase 500 sacks of rice at P900 per sack with delivery to be made in 2022. On December 31, 2021, the price of rice had fallen to P850 per sack. On…arrow_forward
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