ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information are as follows: A customer check amounting to P60,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance.
Q: Below is the bank reconciliation of CPA Company for July 2021: Balance per Bank, July 31, 2021 Add:…
A: Solution: Cash disbursement as per books during August 2021 = Total charges as per bank = NSF check…
Q: As the new accountant of Villain Corn, you were assigned to prepare the bank reconciliation…
A: Monetary transactions are an important and unavoidable component of every business. When such…
Q: On January 1, 2021, Rica Company received its December 2020 bank statement. However, the closing…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The following Information was avallable to reconcile Montrose Company's book balance of Cash with…
A: A bank reconciliation statement is a record book or a list of transactions for a bank account. This…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Wimbledon Company provided the following information regarding the composition of its cash account…
A: Current assets are assets that can be converted into cash within 1 year. A separate cash fund,…
Q: Mr. Matee Nik, the accountant of Tikoy Inc. prepared the following ba reconciliation for November…
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…
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: The following Information was avallable to reconcile Montrose Company's book balance of Cash with…
A: Check no 307 is not considered
Q: In preparing the August 31, 2021 bank reconciliation, Apex Company provided the following…
A: The bank reconciliation statement is prepared to reconcile the items of bank statement and cash…
Q: Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the…
A: Bank Reconciliation Statement - It is the statement showing a summary of banking and business…
Q: On April 30, 2020, Dream Traders’ books show a cash book balance of OMR 3,335. As per the bank…
A: Following is the requisite bank Reconciliation
Q: The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at…
A: The Adjusted cash balance on November 30, 2020:
Q: December 31, 2019: *Checkbook balance, P4,000,000 *Undeposited collections, P400,000 *A customer…
A: Add back any deposits in transit using the cash balance displayed on the bank statement. Subtract…
Q: AAA Corporation's checkbook balance on December 31, 2020, was P800,000. In addition, AAA held the…
A: The bank reconciliation statement helps to match the balance as per cash book and bank book.
Q: · Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook…
A: The answer has been mentioned below.
Q: cash balances:
A: In the December 31, 2019, statement of financial position, what total amount should be reported as…
Q: BBB Company’s check book balance on December 31,2020 was P5,000,000. Inaddition, BBB Company held…
A: Introduction: NSF Check: NSF stands for Non sufficient funds check, When there is no sufficient…
Q: The Metrobank current account of Khaki Company has a balance of P290,200 at December 31, 2021.…
A: Correct amount of Metrobank current account balance included in Khaki Company's Cash at December 31,…
Q: What total amount should be reported as CASH EQUIVALENTS on December 31, 2020? * Aruba Company had a…
A: Commercial paper, T-bills, and short-term bonds with a redemption period of 3 months or less are…
Q: .On December 31, 2021, Alfonso Company had the following cash balances: Cash in bank, 15,000,000…
A:
Q: On October 31, 2021, the bank statement for a company shows a balance of $12,676, while the…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: Branson Co. received its bank statement for the month ending May 31, 2019, and reconciled the…
A: Computation of bank reconciliation statement:
Q: At the end of September 2021, Bigelow’s accounting records show a cash balance of $5,000. The…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: On August 31, 2019, the balance in the checkbook and the Cash account of the Dry Creek Bed and…
A: 1. Prepare the bank reconciliation statement:
Q: The cash account for Corey’s Construction Company at August 31, 2020, indicated a book balance of…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
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: Below is the bank reconciliation of CPA Company for July 2021: Balance per Bank, July 31, 2021 Add:…
A: Solution: Cash disbursement as per books during August 2021 = Total charges as per bank - NSF check…
Q: The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at…
A: Solution 16: Using the cash balance shown on the bank statement, add back any deposits in transit.…
Q: The accountant of Universe Manufacturing collected the following information: The balance as per…
A: The purpose of bank reconciliation is to compare the Cash account balance with bank statement…
Q: Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the…
A: The bank reconciliation is a statement or summary of differences between the bank balance and…
Q: On June 30, 2021, the unadjusted cash in bank per ledger of ABC Company had a balance of P3,455,000.…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: The Accounting Department produced the following data for Jon Company as of December 31, 2021:…
A: Cash and cash equivalents = Checkbook balance + Petty cash fund balance + Check not mailed
Q: Winson Company reported the following information related to its 31 August 2019 bank statement: i)…
A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or…
Q: 1. What is the total book receipts for December? 2. What is the cash balance per books on December…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts of the question are given, then first…
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: The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts of the question are given, then first…
Q: Bonita Industries’s checkbook balance on December 31, 2020 was $84500. In addition, Bonita held the…
A: Balance sheet shows the position of a firm. It is prepared at the year end and depicts the true and…
Q: The cash account of Detuya Company shows the following information at April 30, 2020: Item CASH Ref.…
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…
Q: Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held…
A: Bank reconciliation statement is a statement which is prepared in order to match the book balance…
Q: What total amount should be reported as cash on December 31, 2020?
A: The statement of Bank reconciliation is a report that matches the money balance on an organization's…
Q: Bank reconciliation and entriesThe cash account for Coastal Bike Co. at October 1, 2019, indicated…
A: Bank Reconciliation Statement is statement which is prepared to reconcile cash balance as per books…
Q: The cash in bank account of Romeo Co. for april 2020 showed an ending balance of $193947. Deposit in…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: In preparing the bank reconciliation at December 31, 2021, Naive Company had made available the…
A: Solution: Cash on Naive Company's December 31, 2021 statement of financial position = Balance per…
Q: On July 31, 2020, Keeds Company had a cash balance per books of $6,140. The statement from Dakota…
A: Bank Reconcilation Statement : PARTICULARS AMOUNT AMOUNT BALANCE AS PER CASH BOOK (a) $6140…
Q: The bank statement of Gig'em, Inc for February 28, 2020, showed an ending balance of $6,641. The…
A: The bank reconciliation statement indicates the true cash balance.
Q: BBB Company's check book balance on December 31,2020 was P5,000,000. addition, BBB Company held the…
A: Answer: Cash reported on December 31, 2020: P4,800,000
Q: reported as cash equivalents
A: Cash Equivalents refer to the securities and investments made by the company like fixed deposits…
ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information are as follows:
- A customer check amounting to P60,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance.
- Another customer check for P200,000 deposited on December 28, 2020 was included in the checkbook balance but returned by bank on December 30 2020 for insufficiency of fund. It was redeposited on January 2, 2021 and was cleared 3 days after.
- A P690,000 check payable to supplier dated and recorded on December 30, 2020 was delivered to payee on January 5, 2021.
What amount should be reported as “cash” on December 31, 2020?
Step by step
Solved in 2 steps
- On December 29, 2019, an employee received a 5,000 check from her employers client. The check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2019. The employer deposited the check on December 31, 2019, but the bank did not credit the employers bank account until January 2, 2020. When is the cash basis employer required to include the 5,000 in gross income?Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.It is February 16, 2020, and you are auditing Davenport Corporation's financial statements for 2019 (which will be issued in March 2020). You read in the newspaper that Travis Corporation, a major customer of Davenport, is in financial difficulty. Included in Davenports accounts receivable is 50,000 (a material amount) owed to it by Travis. You approach Jim Davenport, president, with this information and suggest that a reduction of accounts receivable and recognition of a loss for 2019 might be appropriate. Jim replies, Why should we make an adjustment? Ted Travis, the president of Travis Corporation, is a friend of mine; he will find a way to pay us, one way or another. Furthermore, this occurred in 2020, so lets wait and see what happens; we can always make an adjustment later this year. Our 2019 income and year-end working capital are not that high; our creditors and shareholders wouldnt stand for lower amounts than they already are. Required: From financial reporting and ethical perspectives, prepare a response to Jim Davenport regarding this issue.
- Taemin Inc. had a checkbook balance on December 31, 2020 of P10,000,000 and held the following items in the safe:· Check payable to Taemin Inc., dated January 4, 2020, included in the December 31 checkbook balance- P3,000,000· Check payable to Taemin Inc., deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2021 and cleared January 3, 2021- P1,000,000· Check drawn on Taemin Inc.’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2021- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2020?The check book balance of CCC Company on December 31,2020 was P4,000,000.Data about certain cash items follow. A customer amounting to P200,000 dated January 2,2021 was not included inthe December 31,2020 checkbook balance. Another customer check for P500,000 deposited on December 22,2020 wasincluded in its checkbook balance but returned by the bank forinsufficiency of fund. The check was deposited on January 5, 2021 andcleared two days. A P400,000 check payable to supplier dated and recorded on December30,2020 was mailed on January 16,2021. A petty cash fund of P50,000 with the following summary on December31,2020:Coins and Currencies 5,000Petty cash vouchers 43,000Return value of 20 cases of soft drinks 2,00050,000 A check of P43,000 was drawn on December 31,2020 payable to petty cash. The check book balance of CCC Company on December 31,2020 was P4,000,000.Data about certain cash items follow. A customer amounting to P200,000 dated January 2,2021 was not included inthe…Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Suga, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Suga, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Suga’s account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?
- Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Hotdog, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Hotdog, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Hotdog's account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?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, isMerry 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?
- The Marnie Department produced the following data for Amy Company as of December 31, 2021: Checkbook balance P 475,000Collectibles balance 500,000Cash in sinking fund 500,000Petty cash fund balance 5,000There was also a check drawn on Amy's account, payable to supplier amounting to P10,000, dated and recorded on December 31, 2014, but was mailed only on January 15, 2022. On December 31, 2021, how much should be reported as "cash and cash equivalents"? A. 990,000 B. 490,000 C. 980,000 D. 480,000On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against general checking account. On April 30, the funds contained the following:Currency and coins- P24,000Receipts for office supplies- P32,000Receipts for postage still unused- P16,000 Receipts for transportation- P4,800On April 30, the company write a check to replenish the fund.What is the amount of replenishment under the imprest fund system?On April 1, 2021, Adobo Co. established a petty cash fund for P80,000 by writing a check drawn against general checking account. On April 30, the funds contained the following:Currency and coins- P24,000Receipts for office supplies- P32,000Receipts for postage still unused- P16,000 Receipts for transportation- P4,800On April 30, the company write a check to replenish the fund.What is the amount of replenishment under the imprest fund system?