help me answer this thank you Problom 1-4 (PHILCPA Adapted)Callous Company reported the following accounts onDecember 31, 2021:Caah on handPetty cash fundPhilippine Bank current accountCity Bank current nccount No. 1City Bank current account No. 2 (overdraft)Asia Bank saving accountAsia Bank time deposit, 90 daye.'200,00020,0006,000,0004,000,000( 100,000)250,0002,000,000Cash on hand included the following items: :Customer check for P35,000 returned by bank December26, 2021 due to insufficient fund but subeequentlyredeposited and cleared by the bank on January 10,2022.Customer check for P15,000 dated Januarv 10, 2022,received December 23, 2021.The petty cash fund consisted of the following items:Currency and coinsIOUS from officersUnreplenished petty cash vouchere5,0002,00012,000Included among the checks drawn by Callous Companyagainst the Philippine Bank current account andrecorded in December 2021 were the following:Check written and dated December 23, 2021 anddelivered to payee on January 31, 2022, P25,000.Check written December 26, 2021, dated January 30, 2022,delivered to payee on December 28, 2021, P45,000.Required:1. Compute the total cash and cash equivalents.2. Prepare adjusting entries on December 31, 2021.21

Cash is money that is easily accessible in the form of currency. Cash equivalents are near-cash…

Answered: Callous Company reported the following…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 6AP

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An entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank statement balance 4,000,000 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,000,000 Cash in sinking fund 1,500,000 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 2,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020?
An entity provided the following data on December 31, 2020: Checkbook balance ₱ 5,000,000.00 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,500,000.00 Cash in sinking fund 1,500,000.00 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000.00 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 3,500,000.00 What amount should be reported as cash and cash equivalents on December 31, 2020?
DMCI Holdings, Inc. shows the following account balance in their financial records as ofDecember 31, 2019:Checking account at Manila bank, (P40, 000); Checking account at land Bank, P1, 000, 000;Payroll account National Bank, P200, 000; Foreign bank account-restricted, P1, 500, 000;Postage stamps, P44, 660; Employees post-dated checks, P60, 000; I.O.U. from president’sbrother, P150, 000; traveler’s check, P100, 000; DAUD checks, P36, 000; Petty cash fund (P32,000 in currency & expenses receipts for P168, 000), P200, 000; and Cashier’s checks, P72,000. The correct cash balance to be reported in the balance sheet of DMCI on December31,2019 is ________.a.P1, 572, 000 b. P1, 682, 000 c. P1, 440, 000 d. P1,404,000
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:Accounts Debit CreditCash $ 11,200Accounts Receivable 34,000Allowance for Uncollectible Accounts $ 1,800Inventory 152,000Land 67,300Buildings 120,000Accumulated Depreciation 9,600Accounts Payable 17,700Common Stock 200,000Retained Earnings 155,400Totals $384,500 $384,500During January 2021, the…
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?
Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:Accounts Debit CreditCash $ 21,900Accounts Receivable 36,500Allowance for Uncollectible Accounts $ 3,100Inventory 30,000Land 61,600Accounts Payable 32,400Notes Payable (8%, due in 3 years) 30,000Common Stock 56,000Retained Earnings 28,500Totals $150,000 $150,000The $30,000 beginning balance of inventory consists of 300 units, each costing…
Sapphire Company completed the following selected transactions during 2021: Oct. 1 Assigned accounts of P2,000,000 to Union Bank under a notification basis. Union made an advance of 75% and deducted a 6% finance charge based on the amount advanced. Oct. 31 Received notice from Union Bank that P1,000,000 assigned accounts had been collected, and that Union charged Sapphire 12% interest. The collection is applied first to interest, and the balance is applied to principal repayment. Nov. 30 Received notice from Union Bank that P800,000 had been collected. Union remitted to Sapphire the amount due to the latter, after deducting 12% interest on the loan balance. How much cash was received upon assignment of accounts receivable on October 1?
The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: Cash and cash equivalents P400,000 Trade and other receivables 2,000,000 Subscription receivables 375,000 Inventory 500,000 Trade and other payables 670,000 Income tax payable 196,500 Additional Information: - Trade and othe receivables include long term advances to company officers amounting to P430,000 - The subscriptions receivable has the following call dates: June 30, 2022 - P200,000; December 31, 2022- P100,000, and June 30, 2023- P75,000 - Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are transit from a supplier. Terms of purchase of the…
The following data is extracted from the financial records of AU Tiles. The data is in relation to the financial year ending 30 June 2020 and 30 June 2021. 30 June 2020 30 June 2021 $ $ Cash at bank 17,050 20,150 Inventories 1,013,700 1,171,800 Accounts receivable 740,000 755,000 Bills receivable 13,175 15,190 Bad debts written off during the year 9,610 - Sales revenue for the year 2,821,000 4,030,000 Discount allowed 4,960 4,340 The business uses the Income Statement method to estimate its’ doubtful debts each year. It has been estimated that 1% of the sales revenue of the year will be the bad debts expense for the year. At the beginning of the financial year of 2020 (1 July 2019), the Allowance for Doubtful Debts account has a credit balance of $19,000. Required: Determine the amounts of the following accounts. Show your workings for each item.…
The following data is extracted from the financial records of AU Tiles. The data is in relation to the financial year ending 30 June 2020 and 30 June 2021. 30 June 2020 30 June 2021 $ $ Cash at bank 17,050 20,150 Inventories 1,013,700 1,171,800 Accounts receivable 740,000 755,000 Bills receivable 13,175 15,190 Bad debts written off during the year 9,610 - Sales revenue for the year 2,821,000 4,030,000 Discount allowed 4,960 4,340 The business uses the Income Statement method to estimate its’ doubtful debts each year. It has been estimated that 1% of the sales revenue of the year will be the bad debts expense for the year. At the beginning of the financial year of 2020 (1 July 2019), the Allowance for Doubtful Debts account has a credit balance of $19,000. Calculate the receivable turnover ratio for year 2021 and comment on the ratio
One of the checks returned on January 15, 2022, dated December 31, 2021 for P2,000.00, for a 2021 operating expenses, was actually not written until January 3, 2022. This check appeared as one of the outstanding checks in the company’s bank reconciliation as at December 31, 2021. Requirement: Prepare adjusting entries

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