8.The following are items found in the records of ABC Corp at Dec 31, 20X1: Cash in BPI current account , P302,000 Cash in BDO dollar account, P212,000 (when exchange rate was P53:$1) Cash in PNB savings account, P65,000 Cash in Peninsula Bank which is under receivership, P40,000 Dollar exchange rate at Dec 31 was P53.60:$1 How much is the cash balance at Dec 31, 20X1? 621,000 619,400 581,400 579,000

8.The following are items found in the records of ABC Corp at Dec 31, 20X1: Cash in BPI current account , P302,000 Cash in BDO dollar account, P212,000 (when exchange rate was P53:$1) Cash in PNB savings account, P65,000 Cash in Peninsula Bank which is under receivership, P40,000 Dollar exchange rate at Dec 31 was P53.60:$1 How much is the cash balance at Dec 31, 20X1? 621,000 619,400 581,400 579,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter10: Long-term Assets: Fixed And Intangible

Section: Chapter Questions

Problem 28E

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On December 31, 2022, the cash account of AA Company shows the following composition: Petty cash fund, P180,000; Cash in bank (payroll fund). P2,000,000, Interest and dividend fund, P250,000; Tax fund, P120,000; Cash in bank (current account). P3,000,000; Certificate of deposit (terms 90 days), P1,000,000; Certificate of deposit (terms 180 days). P1.500,000; Cash in foreign bank-restricted, P500.000; Money market fund, (60 days), P500,000; Money market funds (6 months), P900,000; Customer's check dated February 15, 2021, P60,000: Customer's check dated December 30, 2020 returned for lack of funds, P40,000: A 30-day BSP treasury bill, P1,000,000; A 3-year BSP treasury bill acquired three months prior to maturity, P1 200,000; Sinking fund cash, P800,000,Contingent fund, P900,000 Fund for the acquisition of fixed asset, P500,000, Travelers checks, P60,000, and Cashiers' checks, What is the correct cash and cash equivalents balance to be reported by AA Company on P100,000. December…
30.ABC Corp had the following information: Cash on hand and in bank, P2,500,000 Cash restricted for bonds payable due in 2 years, P1,000,000 Time certificate of deposit, P3,000,000 Savings deposit set aside for dividend payment in 2 years, P500,000 The total amount to be reported as cash and cash equivalent is; 3,000,000 5,500,000 6,500,000 7,000,000
1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current liabilities on December 31, 2020?
The June 30, 2022 statement of financial position of Red Corporation shows a cash balance of P1,350,700. Included in the said amount were the following items: Petty cash fund (including expense receipts of P3,150)-P5,000; Sinking fund cash-P350,000; Payroll fund maintained with Metrobank- P275,000 ; Savings account at Banco de Oro-P120,800; Un-deposited collections P36,420; Cash in foreign bank (in equivalent pesos)-P72,000; Customer’s check on hand: Traveler’s check-P40,450; certified check-P17,120; customer’s check dated July 10, 2022, P26,450; 90-day BSP treasury bonds- P 150,000; 120-day BSP treasury bills-P250,000. What is the correct amount of cash and cash equivalents of Red Corporation at June 30, 2022?
Blakely Industries has the following items: Currency $26,250 Customer checks that have not been deposited 700 U.S. government bonds that originally maturing in 3 months 13,000 U.S. government bonds that originally maturing in 12 months 14,000 Cash in saving and checking accounts 64,000 Certificates of deposits that originally maturing in 18 months 47,000 Required: How much should Blakely report as cash and equivalents on its balance sheet?
The following information are available for ABC Corp at Dec 31: Cash in BDO, P100,000 (compensating balance is P25,000) Cash in BPI, (P2,000) Cash in Metrobank $2,000 Cash on hand, P6,000 (includes post dated check of P1,000) Change Fund P5,000 Petty Cash Fund, P3,000 (includes petty cash voucher of P500) Exchange rate is P48 : $1 How much is the cash balance at Dec 31? 100,000 207,500 208,500 209,500
The Steamed Egg Company has the following items in its general ledger: Petty cash fund- P5,000; Checking account, Bank of Korea- P290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- P100,000; Checking account, BPI Bank- P(170,000); Checking account, Metrobank- P49,500. The amount of cash that should be reported in Steamed Egg’s balance sheet as a current asset is: a.P174,500 b. P344,500 c. P395,000 d.P374,500
The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R9 500. The provisional total the bank column in the Cash payments journal was R7 750. The bank balance in the general ledger amounted to R6 500 (favourable) on 1 February 2021. A capital contribution of R1 000 was deposited directly into the bank account of Africa Traders. Made an electronic funds transfer to the amount of R1 427 to settle the monthly telephone bill. Bank charges for the month were R180. SA Dealers deposited R550 directly into Africa Traders bank account. Debit order in favour of SA Computers of R350 for monthly computer services. Interest of R250 received on bank favourable. 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 to…
Tranvia Company revealed the following information on December 31, 20X1: Cash in checking account 350,000 Cash in money market account (debt instruments) 750,000 Treasury bill, purchased last November 1, 20X1, maturing on January 31, 20X2 3,500,000 Time deposit purchased last December 31, 20X1, maturing on March 31, 20X2 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 20X1?
SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current assets on December 31, 2020?
Louis Company had the following account balances at December 31, 2021: Cash in Metrobank 1,875,000 Cash in BPI 200,000 Cash on hand (includes a customer's check for P15,000 dated January 5, 2022 125,000 Cash restricted for acquisition of machinery (expected to be disbursed in 2022) 1,600,000 Cash in Metrobank include P300,000 of compensating balance against short-term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Louis. Question: In the current asset section of Louis' December 31, 2021 statement of financial position, total cash should be reported at a. P2,185,000b. P1,885,000c. P3,785,000d. P3,485,000
The following information relates to Maharlika Corporation for the year ended June 30, 2021. Sales revenue 450000 Opening balance of trade receivables (net of allowance) 100000 Closing balance of trade receivable (net of allowance) 132500 Doubtful debt expense 5000 Increase in allowance for doubtful debts 2000 Bad debts are written off against the allowance for doubtful debts. What is the amount of cash collected from the customers during the year ended June 30, 2021? 487,500 481,500 418,500 412,500