a total cas
Q: SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: PURE Company provided the following information with respect to its cash and cash equivalents on…
A: Unrestricted Cash & Cash Equivalent: Unrestricted cash and cash equivalents, refers to the…
Q: On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as…
A: Written promissory notes grant the receiver, or bearer, the right to obtain the sum specified in an…
Q: Dab Company provides 1,200,000 of its account receivables to investment bank for notes 600,000 on…
A: The account receivables of a company are referred to as the amount that a company has to receive…
Q: using 360 days in a year, how much cash did thunder company receive from the bank?
A: Given information is: On september 1 thunder company received an p80,000, 12%, 120-day note from a…
Q: Suppose that a company is established with zero cash on 1 January 2019 and the following…
A: In this question, we have been given two currencies, on the basis of which we have been asked to…
Q: On September 1, 2022, Darren Co. borrowed P150,000 from BPI by issuing 8% note due August 31, 2023,…
A: Note: Interest amount should be recognized on the amount borrowed. Accounts receivables pledged as…
Q: Garfield Company had the following cash balances at December 31, 2020: Undeposited coin and…
A: Answer:
Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…
A: Notes receivable refers to the promissory note issued by the debtor for the credit purchase made by…
Q: 1, 2020, DEF Company assigned specific accounts receivable totaling P5,000,000 as collateral on a…
A: A note payable( short tern loan) is taken from a bank and accounts receivables are given as…
Q: The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash…
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: CPA Company’s “cash count” as of December 31, 2021, is composed of the following: · Cash on…
A: Adjusted demand deposit account=Demand deposit+Check undelivered+Post dated check-Collection=P…
Q: s of January, February, September and October of 2021 were 8.50%, 9.25%, 9.60% and 9.80%. How much…
A: Interest rates have a direct influence on the deposit multiplier and, by extension, inflation…
Q: Lappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000…
A: Accrued interest on December 31, 2021 = Face value of notes payable x rate of interest x no. of…
Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…
A: Interest income on the non-interest-bearing note is calculated by applying the market interest rate…
Q: Jungkook Company had the following account balances at December 31, 2020: Cash in banks-…
A: Lets start with the understanding the meaning of cash and cash equivalent. Cash and cash equivalent…
Q: BBB Company’s check book balance on December 31,2020 was P5,000,000. Inaddition, BBB Company held…
A: Introduction: NSF Check: NSF stands for Non sufficient funds check, When there is no sufficient…
Q: On December 1, 2020, Papa Po Company assigned specific accounts receivable totaling P200,000 as…
A: Carrying amount is defined as the asset original cost minus the accumulated depreciation, and at…
Q: FDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for…
A: The amount to be received at the time of the maturity of the promissory note include the principal…
Q: Tranvia Company revealed the following information on December 31, 2020: Cash in checking account…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Frame company has an 8% note receivable dated June 30, 2021, in the original amount of P1,500,000.…
A: Original Amount of Note receivable = 1500000 Yearly principal payment = 500000 Interest rate = 8%…
Q: The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc., includes the following…
A: Step 1 In cash the amount which is available immediate for use or highly liquid in nature is to…
Q: On June 30, 2018, Munoz Company’s total current assets were $503,500 and its total current…
A: Working capital = Current assets - Current liabilities Current ratio = Current assets / Current…
Q: The December 31,2020 trial balance of DDD Company includes the followingaccounts: Cash on hand…
A: Cash equivalent are the marketable securities in which the business invests for short term investing…
Q: Sanchez Company reported the following accounts on December 31, 2020: Cash on hand 1,000,000 Petty…
A:
Q: On 1 September 2021, ABC Bhd used its receivables totalling RM 350,000 as collateral on : 250,000,…
A: Journal entries refers to reporting of business transaction into the books of the entity as well as…
Q: Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of…
A: Prepare the Journal Entries on July 1 Detailed Journal Entries are given below:
Q: TRESE Co. provided the following information about the composition of its cash on December 31. 2020:…
A: Cash and cash equivalents refers to an item on the balance sheet which provides the details…
Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…
A: Carrying value of the non-interest bearing promissory note is calculated by discounting the face…
Q: On December 31, 2020, Allan Company had the following cash balances: Cash on hand and in bank…
A: Answer : P5,913,000
Q: Mickey Mouse Corporation included the following items in their general ledger account “Cash" which…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: What is the amount shown as Cash on Mickey Mouse’s December 31, 2019 Statement of Financial…
A: The balance as per the bank statement and as per the books is reconciled and adjusted to deduce the…
Q: On Jan. 1, 2021, ABC Corporation entered into a P5,000,000 IRG 1-10, 9% contract with its bank.…
A: The cash to be received from a contract at any point in time is equal to the initial value of the…
Q: On December 31, 2021, Erika Company reported "cash account" balance per ledger of P3,600 000 which…
A: Ledger: It is the second step of recording financial transactions. It is an account that record the…
Q: On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the…
A: Cash & cash equivalent is the most liquid asset of the company presented in the balance sheet…
Q: 31, The statement of financial position of Mandela 2020 shows cash balance of P900,000, It was found…
A: Cash represents the current assets that are reported in the balance sheet of the company.
Q: December 31, 2021, is composed of the following: · Cash on Hand- P500,000 · Demand…
A: SOLUTION NOTE= 1- CHECK MAILED IN NEXT CALENDAR YEAR WOULD RESULT IS ADDING BACK THE CHECK BALANCE…
Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…
A: Notes receivable is the financial instrument issued by the debtor for the item or goods purchased on…
Q: Determine the cash and cash equivalents of Thailand Company. Related data on December 31, 2019:…
A: SOLUTION- Assume cash equivalents all highly-liquid investments with a maturity of four monthsor…
Q: n December 1, 2020, P Company assigned specific accounts receivable totaling P200,000 as collateral…
A: In the given situation, P Company takes a note payable of P150,000 by assigning collateral of…
Q: On December 31, 2021, the bookkeeper of BLACK Corporation provided the following information:…
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…
Q: current assets should be presented on the statement of financial position
A: Current assets are assets that can be recovered within one accounting year.
Q: Upon checking, the book of Meraki on December 31, 2020 is composed of the following: · Cash…
A: Cash and Cash Equivalents Cash which includes notes and coins and petty cash fund and demand…
Q: The trial balance for BLUE Corporation prepared at December 31, 2020 showed a balance of P4,000,000…
A: The carrying value of the notes receivable is the sum of the notes receivable initially recognized…
Q: On 1 September 2021, ABC Bhd used its receivables totalling RM 350,000 as collateral on a 250,000,…
A: DATE PARTICULARS DEBIT CREDIT 30.09.2019 Finance Charge Dr. 5,000.00…
Q: BBB Company's check book balance on December 31,2020 was P5,000,000. addition, BBB Company held the…
A: Answer: Cash reported on December 31, 2020: P4,800,000
Q: The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc., includes the following…
A: Given: The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc., includes the following…
Q: On December 31, 2020, the bookkeeper of ABC Company provided the following information: PARTICULARS…
A: Current liabilities are the liabilities that are payable or settled in the next 12 months from the…
Q: On December 1, 2022, Grenade Company assigned specific accounts receivable totaling P2,000,000 as…
A: When a borrower keeps the accounts receivable as collateral while borrowing money from a lending…
TAEHYUNG Company reported a total cash and cash equivalent of P6,500,000 on December 31, 2019, which includes the following information:
- Two certificates of deposit, each totaling P600,000. These certificates of deposit have a maturity of 120 days
- A check that is dated January 12, 2020 in the amount of P150,000
- A commercial paper of P2,500,000 which is due in 120 days
- Currency and coins on hand amounted to P10,500
TAEHYUNG Company has agreed to maintain a cash balance of P500,000 in one of its banks at all times and it is not available for withdrawal and to ensure future credit availability (this amount was included in the above balance).
How much is the correct amount of cash and cash equivalents that TAEHYUNG Company should report in its December 31, 2019
Step by step
Solved in 2 steps
- Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9% U.S. Treasury notes for 194,000. The notes mature July 1, 2020, and pay interest semiannually on January 1 and July 1. The notes were sold on December 1, 2019, for 199,000. Aldrich normally uses straight-line amortization on all of its notes. In its income statement for the year ended December 31, 2019, what amount should Aldrich report as a gain on the sale of the available-for-sale security? a. 2,500 b. 3,500 c. 5,000 d. 6,000Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
- Mickey Mouse Corporation reported total cash and cash equivalent of P5,500,000 on December 31, 2021 include the following information:a. Two certificates of deposits, each totaling P500,000. One certificate having a maturity of 120 days and other certificate having a maturity of 90 days. b. A check that is dated January 3,2022 in the amount of P250,000.c. A check that is yet to deliver to the payee until December 31, 2021 amounting to P350,000.d. Currency and coins in hand amounted to P10,500.e. Check payable to Mickey Mouse Corporation amounting to P100,000 was deposited on December 13, but returned by the bank on December 25, stamped “DAIF”. No entry has yet been made to return the return of the check.Mickey Mouse Corporation has agreed to maintain a cash balance of P700,000 in one of its banks at all times to ensure future credit availability (this amount is not legally restricted as to withdrawal and was included in the above balance). How much is the correct amount of cash and…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?The notes receivable account consists of two notes, a $75,000 note and a $335,000 note. The $75,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $335,000 note is dated June 30, 2021, with principal and 8% interest payable on June 30, 2022. During 2022, sales revenue totaled $1,490,000, $1,355,000 cash was collected from customers, and $37,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2022, the $335,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale
- On December 31, 2020, the cash account of Jungkook Company showed a balance of P396,980. Upon examining the cash records and the bank statement, the following information were determined. There was a bank service charge of P 1,500 for the month of December There was a credit memo for a note collected by the bank for Jungkook. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550 December 31, 2020, receipts for P289,000 were deposited only on January 2, 2021 Checks issued which have not yet cleared the bank as at December 31,2020 amounts to P186,610 There is a debit memo for P45,320 for a customer’s checked returned marked “DAIF” A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200. Jungkook’s correct amount of cash presented in its December…Jayce Co. reported Cash and Cash Equivalents worth $5,800,000 on December 31, 2020. When the entity's financial statements were being prepared, the following information were taken into consideration with regard to its cash and cash equivalents: a. A check from a customer amounting to $65,000 was dated December 28, 2020. It was included in the entity's account, but it was not signed by the payee. b. A check written to a supplier having a face value of $140,000 dated May 15, 2020 was not presented to the bank by the end of the year. c. An electronic fund transfer of $300,000 was not reflected in the entity's books as of December 31, 2020. d. Cash receipts amounting to $200,000 which were dated January 2021 were included in Kisses' December 2020 books. e. Cash disbursements made at the last week of December totaling $350,000 were recorded in the January 2021 books. f. Chicago Trust Bank account of $5,800,000 is a foreign-currency denominated account, translated to Dollars using the…On December 1, 2022, Grenade Company assigned specific accounts receivable totaling P2,000,000 as collateral on a P1,500,000, 9% note from a bank. In addition to the interest on the note, the bank also charged a 2.5% finance fee deducted in advance on the P1,500,000 value of the note.The December collections of assigned accounts receivable amounted to P1,000,000 less cash discounts of P20,000. The company accepted sales returns of P50,000 on the assigned accounts and wrote off assigned accounts of P75,000.The company notified the customers that their accounts have been assigned to the bank and must direct their payments to the assignee. 1. What amount of cash was received from the assignment of accounts receivable on December 1, 2022? 2. What is the carrying amount of note payable on December 31, 2022? 3. What is the balance of accounts receivable — assigned on December 31, 2022? 4. What amount should be disclosed as the equity of Grenade Company in assigned accounts on…
- On December 1, 2020, RB Company issued accounts receivable of Php6,000,000 to a bank in exchange for a loan of 80% of the accounts minus a 5% service charge on the accounts assigned. The entity signed a bank loan note. On December 31, 2020, the company collected Php2,000,000 in assigned accounts minus a discount of Php200,000. The collections were submitted to the bank as partial payment for the loan. The bank applied the collection first to the interest and then to the principal. On the loan balance, the agreed-upon interest rate is 1% each month. On the allotted accounts, the organisation took sales refunds of Php 100,000 and wrote down assigned accounts totaling Php300,000.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?Suppose that a company is established with zero cash on 1 January 2019 and the following transactions occur in 2019. The company sells an inventory at a price of 50,000 TL. The cost of the inventory is 40,000 TL. The company receives 20,000 TL cash payment and a $6,000 check at the time of the sale when $1 = 5 TL (Turkish Liras). At the maturity date of the check, USD($) appreciates to 5.2 TL and the company immediately clears the check to its bank. In a physical count towards the end of the year, cash count shows 18,000 TL, which does not agree with the cash balance in the books. Unfortunately, the company cannot find the reason of the mismatch in any case. Assuming that there are no more transactions throughout the year, what would be the net profit or loss for that year? A) 8,000 TLB) 9,200 TLC) 10,800 TLD) 11,200 TLE) Other (Please Specify)
