Cash on hand, including a customer check ₱100,000 dated January 31, 2021 ₱ 600,000 Cash in Bank of Lipa - current account 4,000,000 Cash in Bank of Lipa - savings account 2,650,000 Cash in Bank of Makati - savings account (450,000) Cash in bank – payroll account 1,000,000 Cash in bank – restricted account for plant addition 500,000 Cash in Sinking Fund 1,000,000 Three-month time deposit 900,000 Traveler’s check 200,000 Manager’s check 300,000 Money order
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|
Cash on hand, including a customer check ₱100,000 dated January 31, 2021 |
₱ 600,000 |
|
Cash in Bank of Lipa - current account |
4,000,000 |
|
Cash in Bank of Lipa - savings account |
2,650,000 |
|
Cash in Bank of Makati - savings account |
(450,000) |
|
Cash in bank – payroll account |
1,000,000 |
|
Cash in bank – restricted account for plant addition |
500,000 |
|
Cash in Sinking Fund |
1,000,000 |
|
Three-month time deposit |
900,000 |
|
Traveler’s check |
200,000 |
|
Manager’s check |
300,000 |
|
Money order |
75,000 |
What total amount should be reported as cash on December 31, 2020?
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Solved in 3 steps
Hi! I got also the same answer, but it was wrong.
by Bartleby Expert
- On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the following: Undeposited collections PhP 500,000 Cash in bank – BDO checking account 3,000,000 Undeposited NSF check received from the customer, dated December 1, 2020 250,000 Undeposited check from a customer, dated January 15, 2021 400,000 Cash in bank – BDO fund for payroll 2,000,000 Cash in bank – BDO money market instrument, 90 days 3,000,000 Cash in foreign bank restricted…Bailey Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…Chad Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…
- Chad Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…ALEY Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…Related data of Jamaica Company on December 31, 2020: Petty cash fund P50,000 Cash on hand 500,000 Cash in bank - current account 4,000,000 Cash in bank - payroll account 1,000,000 Time deposit 2,000,000 Cash in bank - restricted account for plant addition; expected to be disbursed in early 2021 500,000 Cash in the sinking fund for bond payable due June 30, 2021 1,500,000 Additional notes: The petty cash fund included unreplenished December 31, 2020 petty cash expense vouchers of 5,000 and employee IOU (I Owe You) of 5,000. The cash on…
- Determine the cash and cash equivalents of Australia Company. Related data on December 31, 2019: Cash in bank - demand deposit 5,000,000 Cash on hand 400,000 Postage stamps unused 5,000 Certificate of time deposit 1,500,000 Money order 50,000 Manager check 100,000 Traveler check 1,000,000 Postdated customer check 500,000India Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000 Petty Cash Fund 50,000 Security Bank current account 1,500,000 PNB current account 2,000,000 BDO current account (overdraft) ( 200,000) BSP treasury bill -120 days 3,000,000 BPI time deposit - 90 days 1,000,000 Bond Sinking Fund 2,500,000 PNB savings account (held as compensating balance-restricted) 500,000 The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January of 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021 The PNB saving account was restricted as compensating balance for two years due to a loan agreement entered by India Company to PNB. Requirements:…Choose the letter of the correct asnwer: Callous Company reported the following accounts on December 31, 2020: Cash on hand - 200,000;' Petty cash fund - 20,000; Philippine Bank current account - 5,000,000; City Bank current account No. 1 - 4,000,000; City Bank current account No. 2 (overdraft) - (100,000); Asia Bank saving account - 250,000;Asia Bank time deposit, 90 days - 2,000,000;* Additional data: > Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. > Customer check for P15,000 dated January 10, 2021, received December 23, 2020.> The petty cash fund consisted of the following items: Currency and coins - 5,000; IOUs from officers - 2,000; Unreplenished petty cash vouchers 12,000.> Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the…
- 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…AA Company had the following items in its "Cash and cash equivalents account as of December 31, 2022: Cash on hand P150,000 Petty cash fund- including P5,500 unreplenished vouchers dated December 29, 2022-P3,000 December 30, 2022-P1,000 and P1,500 dated January 2, 2023. 15,050 Cash in foreign bank- unrestricted ($12,500; average rate - P50, closing rate-P52) 625,000 Cash restricted for additions to plant (to be disbursed in 2025) 900,000 Bank time deposit lacquired 12/25/2022, due in 2/1/2023) 250,000 Cash in bank- to be used for payment of 2023 dividends 870,000 How much should be reported as cash and cash equivalents as of December 31, 2022?On December 31, 20X1, Albania Company provided the following data: Cash in bank 3,000,000 Time deposit – 30 days 1,000,000 Money market placement due on June 30, 20X2 2,000,000 Saving deposit in a closed bank 100,000 Sinking fund for bond payable June 30, 20X3 1,500,000 Petty cash fund 20,000 The cash in the bank included a customer check of P200,000 outstanding for 18 months. A check of P250,000 in payment of accounts payable was dated and recorded on December 31, 20X1, but mailed to creditorson January 15, 20X2. Check of P100,000 dated January 31, 20X2, in payment of accounts payable was recorded and mailed December 31, 20X1. The reporting period is the calendar year. Answer: Cash in bank 3,000,000 Customer check outstanding for 18 months (200,000) Undelivered check 250,000 Postdated check delivered 100,000 Collection on January 2020 recorded on December 31, 2019 (450,0000) Adjusted Cash in Bank 2,700,000 Cash in Bank 2,700,000 Time Deposit- 30 DAYS 1,000,000 Petty Cash Fund…
