BE7.1 (LO 1) Kraft Enterprises owns the following assets at December 31, 2020. Cash in bank-savings account Checking account balance Postdated checks Certificates of deposit (180-day) 68,000 17,000 Cash on hand 9:300 750 Cash refund due from IRS 31,400 90,000 What amount should be reported as cash?
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- 1. On June 30, 2019, Franz Inc. borrowed P1,800,000 for one year from the bank with an interest of 12%. As security for the loan, Franz pledged its accounts receivable amounting to P2,500,000 to the bank. The bank charged the company 8.46% of the accounts receivable pledged as service charge deducted from the amount borrowed. How much was the cash received by the company and the interest expense recognized for the year ended December 31, 2019? A. P 1,800,000; 211,500 B. P 1,548,000; 306,000 C. P 1,588,500; P 319,500 D. P 1,584,000; P 306,000 E. P 1,588,500; P 324,000 F. P 1,584,000; P 216,000 G. None of the choicesIndie Company had the following account balances at December 31, 2021:Cash in Metrobank (includes P300,000 of compensating balance against short term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Indie Company) - P1,875,000Cash in BPI - P180,000Cash on hand (includes a customers check for P15,000 dated January 5, 2022) - P125,000Cash restricted for acquisition of machinery (expected to be disbursed in 2022) - P1,600,000How much is the total cash reported in the current asset section of Indie Company's December 31, 2021 statement of financial position?Indie Company had the following account balances at December 31, 2021: Cash in Metrobank (includes P300,000 of compensating balance against short term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Indie Company) - P1,875,000 Cash in BPI - P180,000Cash on hand (includes a customers check for P15,000 dated January 5, 2022) - P125,000 Cash restricted for acquisition of machinery (expected to be disbursed in 2022) - P1,600,000 How much is the total cash reported in the current asset section of Indie Company's December 31, 2021 statement of financial position?
- .On December 31, 2021, Alfonso Company had the following cash balances:Cash in bank, 15,000,000Petty cash fund, 50,000Time deposit 5,000,000Savings deposit 2,000,000Cash in bank includes P500,000 of compensating balance against short term borrowing arrangement at December 31, 2021. The compensating balance is legally restricted as to withdrawal by Alfonso. A check of P300,000 dated January 15, 2022 in payment of accounts payable was recorded and mailed on December 31, 2021. In the current assets section of the December 31, 2021 statement of financial position, what amount should be reported as “cash and cash equivalents”? 14,850,000 16,850,000 21,800,000 21,850,000On February 1, 2023 MANGOSTEN Company factored receivable with a carrying amount of ₱ 300,000 to ACKEE Company. ACKEE Company assesses a finance charge of 3% of the receivables and retains 5% of the receivables. Relative to this transaction, assume MANGOSTEEN factors receivables on a without recourse basis. Using the same information on the previous number, what amount of cash was received? A. ₱ 276,000 B. ₱ 285,000 C. ₱ 291,000 D. ₱ 300,00014 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, P100,000. What is the correct cash and cash equivalents balance to be reported by AA Company on December…
- AAA Corporation's checkbook balance on December 31, 2020, was P800,000. In addition, AAA held the following items in its safe on December 31: Check payable to AAA Corporation, dated January 2, 2021, not included in December 31 checkbook balance P200,000 Check payable to AAA Corporation, deposited December 20, and included in December 31 checkbook balance, but returned by bank on December 30, stamped "NSF." The check was redeposited January 2, 2021, and cleared January 7 40,000 Post-dated checks 15,000 Check drawn on AAA Corporation's account, payable to a vendor, dated and recorded December 31, but not mailed until January 15, 2021 100,000 The proper amount to be shown as cash on AAA's balance sheet at December 31, 2020, isThe balance sheet at December 31,2019 of Universal Robina Corporation showed a cashbalance of P183,500. An examination of the books disclosed the following:Cash sales of P24,000 from January 1 to 5, 2020 were pre dated as of December 28 to 31, 2019and charged to the cash account. Customers’ checks totaling P9,000 deposited with andreturned by the bank “NSF” on December 27, 2019 were not recorded in the books. Checks ofP11,200 in payment of liabilities were prepared before December 31,2019 and recorded in thebooks, but withheld by the treasurer. Post-dated checks totaling P6,800 are being held by thecashier as part of cash. The company’s experiences shows that post-dated checks are eventuallyrealized. The cash account includes P40,000 being reserved for the purchase of an IPAD whichwill be delivered soon. The cash balance that should be shown on December 31, 2019 balancesheet is ________.a.P 92,500 b. P 154,900 c. P 114,900 d. P163,900 Juan Gabriel Company had the following account…Greenfield Company had the following cash balances at December 31, 2019: Cash in banks includes $300,000 of compensating balances against short-term borrowing arrangements at December 31, 2019. The compensatingbalances are not legally restricted as to withdrawal by Greenfield. In thecurrent assets section of Green-field's December 31, 2019, balance sheet,what total amount should be reported as cash?a. $1,020,000b. $1,320,000c. $3,020,000d. $3,320,000
- Caring enterprises had the following account balances on Decrmber 31, 2020; Cash in BPI Bank- 2,250,000; Cash allowed for the acquisition of machinery- 1,600,000; Revolving Fund- 125,000. Cadh in Bank included 600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held the following items in its safe on that date.*Check payable to Merry Company amounting to P65,000 dated January 2, 2022 in payment of a sale made in December 2021, was included in December 31 checkbook balance.*Check payable to Merry Company was deposited on December 15, but returned by the bank on December 22 stamped "DAIF." The check was redeposited by Merry Company on December 27, 2021. No entry was made in the books to record the return and the redeposit of this P20,000 check.*Check drawn on Merry Company's account, payable to a vendor, was dated and recorded on December 28. This check amounting to P15,000, however, was not yet mailed to the payee as of December 31, 2021.What is the correct amount shown as Cash on Merry Company's December 31, 2021 statement of financial position?1. Tranvia Company revealed the following information on December 31, 2020:Cash in checking account 350,000Cash in money market account 750,000Treasury bill, purchased November 1, 2020maturing January 31, 2021 3,500,000Time deposit purchased December 1, 2020maturing March 31, 2021 4,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020? 2. Affable Company provided the following information at year-end comprising the cashaccount:Cash in bank – demand deposit 5,000,000Cash on hand 400,000Postage stamps unused 5,000Certificate of time deposit 1,500,000Money order 50,000Manager check 100,000Traveler check 1,000,000Postdated customer check 500,000 What total amount should be reported as cash at year end? 3. Thor Company provided the following data on December 31, 2020:Checkbook balance 4,000,000Bank statement balance 5,000,000Check drawn on Thor’s account, payable to supplier,dated and recorded on December 31, 2020 but notmailed until January 31, 2021…
