Commercial paper due in 100 days 1,000,000 Currency and coins in petty cash fund (including unreplenished vouchers of P2,500) 16,000 Aguas Company has agreed to maintain a cash balance of P450,000 which will not be available for withdrawal to ensure future credit availability. The said amount was included in the balance above. What is the total amount that Aguas Company should report as "cash and cash equivalents" in the current ássets section of the statement of financial position on December 31, 2020?

Commercial paper due in 100 days 1,000,000 Currency and coins in petty cash fund (including unreplenished vouchers of P2,500) 16,000 Aguas Company has agreed to maintain a cash balance of P450,000 which will not be available for withdrawal to ensure future credit availability. The said amount was included in the balance above. What is the total amount that Aguas Company should report as "cash and cash equivalents" in the current ássets section of the statement of financial position on December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter13: Investments And Long-term Receivables

Section: Chapter Questions

Problem 3MC: On July 1, 2019, Aldrich Company purchased as an available-for-sale security 200,000 face value, 9%...

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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. 6,000
On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
VKS Company’s “cash count” as of December 31, 2021, is composed of the following:· Cash on Hand- P500,000· Demand Deposit- P2,000,000· Time Deposit, 30 days- P1,000,000· NSF Check of customer- P40,000· Money market placement (due June 30, 2022)- P1,500,000· Savings Deposit in a closed bank- P100,000· IOU from employee- P20,000· Pension Fund- P3,000,000· Petty Cash Fund- P10,000· Customer’s Check dated January 1, 2022- P50,000· Customer’s Check outstanding for 18 months- P40,000· Unused credit line- P500, 000 Additional information:a. Check of P200, 000 in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.b. Check of P100, 000 dated January 15, 2022, in payment of accounts payable was recorded and mailed on December 31, 2021.c. The company uses the calendar year. The Cash Receipt Journal was held open until January 15, 2022, during which time P400, 000 was…
On Jan. 1, 2021, ABC Corporation entered into a P5,000,000 IRG 1-10, 9% contract with its bank. Interest rates at the beginnings of January, February, September and October of 2021 were 8.50%, 9.75%, 9.80% and 9.90%. How much is the cash to be received by ABC solely from the IRG contract
Grand Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following:Currencies - P5,600Coins - P450Paid vouchers of office supplies (dated June 28, 2021) - P1,550Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300Loans to employees - P3,000Company check representing replenishment of the petty cash fund - P3,850How much is the shortage or overage in the petty cash fund at June 30, 2021?
Grand Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following:Currencies - P5,600Coins - P450Paid vouchers of office supplies (dated June 28, 2021) - P1,550Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300Loans to employees - P3,000Company check representing replenishment of the petty cash fund - P3,850How much is the shortage or overage in the petty cash fund at June 30, 2021? a. P250 shortage b. P250 overage c. P1,800 shortage d. P1,800 overage
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 statement of financial position?
11. MELON Company’s “cash count” as of December 31, 2021, is composed of the following:· Cash on Hand- P500,000· Demand Deposit- P2,000,000· Time Deposit, 30 days- P1,000,000· NSF Check of customer- P40,000· Money market placement (due June 30, 2022)- P1,500,000· Savings Deposit in a closed bank- P100,000· IOU from employee- P20,000· Pension Fund- P3,000,000· Petty Cash Fund- P10,000· Customer’s Check dated January 1, 2022- P50,000· Customer’s Check outstanding for 18 months- P40,000· Unused credit line- P500, 000 Additional information:a. Check of P200, 000 in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.b. Check of P100, 000 dated January 15, 2022, in payment of accounts payable was recorded and mailed on December 31, 2021.c. The company uses the calendar year. The Cash Receipt Journal was held open until January 15, 2022, during which time P400, 000 was…
SM Investments Corporation had the following account balances at December 31, 2019:Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________
SM Investments Corporation had the following account balances at December 31, 2019:Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________Problem 6The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc.,…
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, 2020
Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following:Currencies - P5,600Coins - P450Paid vouchers of office supplies (dated July 2, 2021) - P1,550Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300Loans to employees - P3,000Company check representing replenishment of the petty cash fund - P3,850What is the correct amount of the petty cash fund at June 30, 2021?