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6. Sandy Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit P37.20 10.300 Less: Outstanding checks Balance per books, 3/31/20 P47,500 12 80C P34,90 Data per bank for the month of April 2020 follow. P42,700 00דם4 Deposit Disbursement

6. Sandy Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit P37.20 10.300 Less: Outstanding checks Balance per books, 3/31/20 P47,500 12 80C P34,90 Data per bank for the month of April 2020 follow. P42,700 00דם4 Deposit Disbursement

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 16P
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6. Sandy Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit P37,200 10.300 P47,500 12 800 P34,900 Less: Outstanding checks Balance per books, 3/31/20 Data per bank for the month of April 2020 follow: P42,700 49 700 Deposit Disbursement All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks and deposits in transit on April 30, 2020 totaled P5,000 and P1.000 respectively. The bank statement for the month of April shows NSF check of P500 and bank service charge of P100. Also in the bank statement, the bank erroneously charged a check of P400 to the account of Sandy Inc. What is the cash in bank balance per book on April 30, 2020? 27.200 28,200 27,900 26,900 A. В. C. D. Computation 7. the end of April, 2020? A. В. Refer to the information on Question No. 6. What is the correct balance of cash in bank at 28,600 27,600 C. D. 27.200 28,200 Computation
Transcribed Image Text:6. Sandy Inc. had the following bank reconciliation at March 31, 2020: Balance per bank statement, 3/31/20 Add: Deposit in transit P37,200 10.300 P47,500 12 800 P34,900 Less: Outstanding checks Balance per books, 3/31/20 Data per bank for the month of April 2020 follow: P42,700 49 700 Deposit Disbursement All reconciling items at March 31, 2020 cleared the bank in April. Outstanding checks and deposits in transit on April 30, 2020 totaled P5,000 and P1.000 respectively. The bank statement for the month of April shows NSF check of P500 and bank service charge of P100. Also in the bank statement, the bank erroneously charged a check of P400 to the account of Sandy Inc. What is the cash in bank balance per book on April 30, 2020? 27.200 28,200 27,900 26,900 A. В. C. D. Computation 7. the end of April, 2020? A. В. Refer to the information on Question No. 6. What is the correct balance of cash in bank at 28,600 27,600 C. D. 27.200 28,200 Computation
On July 1, 2020, Sprakeabeit Company purchased P500,000 face value Swazzea. Company 8% bonds for P455,000 plus accrued interest to yield 10%. The bonds were designated as at fair value through profit or loss. The bonds mature on January 1, 2024 and pay interest annually on January 1. On December 31, 2020, the bonds had a market value of P472,500. On February 28, 2021, Sorakenheit sold the bonds for P460,000 plus accrued interest. 15. What is the interest income to be reported at the year-end of December 31, 2020? 40,000 20,000 36,400 45,500 А. В. C. D. Computation 16. Refer to the information in Question No. 15. What is the gain (loss) on sale of financial assets at the year-end of December 31, 2021? А. (12,500) 12,500 (5,000) 5,000 Computation В. C. D.
Transcribed Image Text:On July 1, 2020, Sprakeabeit Company purchased P500,000 face value Swazzea. Company 8% bonds for P455,000 plus accrued interest to yield 10%. The bonds were designated as at fair value through profit or loss. The bonds mature on January 1, 2024 and pay interest annually on January 1. On December 31, 2020, the bonds had a market value of P472,500. On February 28, 2021, Sorakenheit sold the bonds for P460,000 plus accrued interest. 15. What is the interest income to be reported at the year-end of December 31, 2020? 40,000 20,000 36,400 45,500 А. В. C. D. Computation 16. Refer to the information in Question No. 15. What is the gain (loss) on sale of financial assets at the year-end of December 31, 2021? А. (12,500) 12,500 (5,000) 5,000 Computation В. C. D.
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