cash balances:
Q: Related data of Jamaica Company on December 31, 2020: Petty cash fund…
A: Cash : Cash is a legal tender that are used as an exchange for goods , debt or service. Sometimes…
Q: In your audit of the cash and cash equivalents account of PQR Corporation, you noted a balance o…
A: Cash and cash equivalent is a term representing the form of assets which are in cash or can be…
Q: Additional information: a. Included in the cash account are the following: compensating cash…
A: Current assets refer to those resources of a company that can be easily converted into cash.
Q: ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information…
A: 1. Post dated cheques are not counted as cash. Therefore cheque of 60,000 will not be included in…
Q: TRUE Company had the following account balances at December 31, 2020: Cash in bank P5,000,000 Cash…
A: 1. Cash in Bank : it is included in cash along with amount of 1000,000 which is unrestricted and…
Q: On December 31, 2020, ABC Company had the following cash balances: Cash in BDO per bank statement,…
A: The cash & cash equivalent show the item of cash and other deposit that have maturity value…
Q: Tranvia Company had the following balances on December 31, 2019: Cash in checking account P350,000…
A: Cash is a very important current asset for the business. It includes cash held in hand and cash held…
Q: ndie Company had the following account balances at December 31, 2021: Cash in Metrobank (includes…
A: Current assets are the assets that are to be reported in the balance sheet under the current assets'…
Q: ndia Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000…
A: Step 1 Restricted items or items which are not available for immediate use are excluded ad cash and…
Q: The ending cash balance in his accounting books is P300,000 while the cash balance shown on the bank…
A: Ideally, cash balance as per cash book and bank balance as per financial statement within the…
Q: Mr. Jimin received his August 2020 bank statement. The ending cash be accounting books is P300,000…
A: Journal entry is the process of documenting commercial transactions for the first time in the books…
Q: Grand Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of…
A: Petty cash fund P15,000 Payment: Paid vouchers of office supplies (dated June 28, 2021)…
Q: Onshort December 31, 2018 Delectable Company had the following cash balances: Demand deposit account…
A: Cash and cash equivalents refers to the cash balance, bank balance and other items which can be…
Q: TIGER LILY had the following account balances as of Dec. 31, 2019: P2,500,000 125,000 Cash in banks…
A: Restricted cash, as contrary to unrestricted cash, does not appear to be freely available for usage…
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: Greenfield Company had the following cash balances at December 31, 2019: Cash in banks includes…
A: In terms of accountancy, cash is treated as the most liquid form of asset. It comes under the…
Q: On December 31, 2021 Mickey Mouse Corporation's trial balance includes the following accounts: Petty…
A: Cash & Cash Equivalent Cash & Cash equivalent refers to an item that is presented in the…
Q: SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand and…
A: Cash and cash equivalents include those items of assets which are able to be converted into cash…
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: How much should be the adjusted Cash in Bank balance as of December 31, 2020? The December 31, 2020…
A: Answer: Cash equivalents are the total value of cash on hand that includes items that are similar to…
Q: On December 31, 2021, the cash account of Roel Company showed the following details: Undeposited…
A: Cash and Cash Equivalent:-Cash is the monetary assets of the company and cash equivalent are those…
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: The following are data of Taehyung Inc.: The petty cash fund was established on May 2, 2019, in…
A: The journal entry to record the replenishment of and increase in petty cash fund is as under:…
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: Determine the amount of Cash and Cash equivalents. * 60,000 Undeposited Collections Cash in Bank-…
A: Cash & Cash Equivalent: Cash and cash equivalents are liquid current assets and include…
Q: Joana Company had the following account balances on December 31, 2020: Petty cash fund Cash on hand…
A: Assets: It is a resource that will generate future benefits and revenue for the company. It…
Q: On December 31, 2020, Allan Company had the following cash balances: Cash on hand and in bank…
A: Answer : P5,913,000
Q: Caring enterprises had the following account balances on Decrmber 31, 2020; Cash in BPI Bank-…
A: Cash refers to the current asset that is the most liquid asset and resource used in terms of…
Q: On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage, etc.…
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: Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of…
A: Correct amount of petty cash fund at June 30, 2021 = Currencies + Coins + Company check representing…
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: Johnson Company had the following balances on December 31, 2019: Cash in checking account…
A: Cash and Cash equivalents = Cash + Treasury bills + Cash in money market + Postage stamps (petty…
Q: 10. On December 31, 2021, the trial balance of Hello-hi Company reveals the following account…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: Indie Company had the following account balances at December 31, 2021: Cash in Metrobank (includes…
A: Cash in hand excluding check dated 5/1/2022=Cash in hand-Customer check=P 125,000-P15,000=P 110,000
Q: On December 31, 2020, ABC Company had the following cash balances: Cash in BDO per bank statement,…
A: Cash and Cash Equivalent It is the most liquid current assets and include commercial paper,…
Q: 3. RDO Company reported a cash balance of P192,500 on December 31, 2020 which consisted of the…
A: 3) Cash and cash equivalents is one of the components in the balance sheet of a business…
Q: Love Company reported the follówing to cash on December 31, 2020: Checkbook balance, P4,000,000. *…
A: Cash balance refers to the desired sum of money present in the account, it is computed by adding up…
Q: a total cas
A: Cash and Cash equivalent are the most liquid asset of the company which is used to repay the short…
Q: The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand…
A: The term cash and cash equivalents mean the cash the company is having or such assets held by the…
Q: Kabugao Company provided the following information on December 31, 2019: Cash in bank, net of bank…
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…
Q: On December, 31 2021, Alberto Company had the following cash balances: Cash in banks 1,800,000 Petty…
A: Cash and cash equivalents refer to cash or which can be converted into cash immediately. It is…
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: SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand…
A: Cash equivalent include marketable securities that can be converted into cash any time without…
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…
On December 31, 2019, Taehyung Company had the following cash balances:
- Cash in bank- P2,500,000
- Petty Cash fund (all funds were reimbursed on 12/31/2019)- P150,000
- Time deposit (start date: December 1, 2019 and due February 14, 2020)- P350,000
Cash in bank included P900,000 of compensating balance against short-term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal.
In the December 31, 2019,
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.Determining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable: Required: 1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed the following information relating to its receivables: The company has a recourse liability of 700 related to a note receivable sold to a bank. During 2019, credit sales (terms, n/EOM) totaled 2,200,000, and collections on accounts receivable (unassigned) amounted to 1,900,000. Uncollectible accounts totaling 18,000 from several customers were written off, and a 1,350 accounts receivable previously written off was collected. Additionally, the following transactions relating to Blackmons receivables occurred during the year: On December 31, 2019, an aging of the accounts receivable balance indicated the following: Required: 1. Prepare the journal entries to record the preceding receivable transactions during 2019 and the necessary adjusting entry on December 31, 2019. Assume a 360-day year for interest calculations and round calculations to the nearest dollar. 2. Prepare the receivables portion of Blackmons December 31, 2019, balance sheet. 3. Next Level Compute Blackmons accounts receivable turnover in days, assuming a 360-day business year. What is your evaluation of its collection policies? 4. If Blackmon uses IFRS, what might be the heading of the section for the receivables reported in Requirement 2?
- Inferring 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.A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest ExpenseBlue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
- Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items Would be reported on the December 31, 2019, balance sheet. 3. Next Level What is Clear Glass Companys effective interest rate?On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a 750 service fee, advances 85% of Jordans accounts receivable, and charges an annual interest rate of 9% on any outstanding loan balance. Prepare the related journal entries for Jordan.Estimating Bad Debts from Receivables Balances The following information is extracted from Shelton Corporations accounting records at the beginning of 2019: During 2019, sales on credit amounted to 575,000, 557,400 was collected on outstanding receivables and 2,600 of receivables were written off as uncollectible. On December 31, 2019, Shell on estimastes its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Sheltons estimate of bad debt expense for 2019. 2. Prepare the Accounts Receivable section of Shelton's December 31, 2019, balance sheet. 3. Compute Shelton's receivables turnover. (Round to one decimal place.) 4. It Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?