Problem 11. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be: Problem 2. What is the cash balance per books at April 30, 2021? Part II. Problem SolvingProblem 1The bookkeeper of Tinhay Company recently prepared the following bank reconciliation:Tinhay CompanyBank ReconciliationDecember 31, 2021Balance per bankP 126,420Add:Deposit in transitCharge on checkbook printingError made in recording Check No. 25P8,700210issued in December1,6005,000NSF check15,510TotalP 141,930Deduct:Outstanding checksNote collected by bank (includes P50interest)Balance per books4,4809,50013,980P 127,950Hoover has P9,100 cash on hand on December 31, 2021.1. The amount Hoover should report as cash on the statement of financial position as ofDecember 31, 2021 should be:Problem 2Sibla, Inc. had the following bank reconciliation at March 31, 2021:Balance per bank, 3/31/2021Deposit in transitP37,20010,300Total47,500Outstanding checksBalance per books, 3/31/2021(12,600)P34,900Data per bank for the month of April 2021 follow:42,700DepositsDisbursements49,700All reconciling items at March 31, 2021 cleared the bank in April. Outstanding checks at April30, 2021 totaled P5,000. There were no deposits in transit at April 30, 2021.2. What is the cash balance per books at April 30, 2021?

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Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Internal Control And Cash

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Problem 1 1. The amount Hoover should report as cash on the statement of financial position as of December 31, 2021 should be: Problem 2. What is the cash balance per books at April 30, 2021?

Part II. Problem Solving
Problem 1
The bookkeeper of Tinhay Company recently prepared the following bank reconciliation:
Tinhay Company
Bank Reconciliation
December 31, 2021
Balance per bank
P 126,420
Add:
Deposit in transit
Charge on checkbook printing
Error made in recording Check No. 25
P
8,700
210
issued in December
1,600
5,000
NSF check
15,510
Total
P 141,930
Deduct:
Outstanding checks
Note collected by bank (includes P50
interest)
Balance per books
4,480
9,500
13,980
P 127,950
Hoover has P9,100 cash on hand on December 31, 2021.
1. The amount Hoover should report as cash on the statement of financial position as of
December 31, 2021 should be:
Problem 2
Sibla, Inc. had the following bank reconciliation at March 31, 2021:
Balance per bank, 3/31/2021
Deposit in transit
P
37,200
10,300
Total
47,500
Outstanding checks
Balance per books, 3/31/2021
(12,600)
P
34,900
Data per bank for the month of April 2021 follow:
42,700
Deposits
Disbursements
49,700
All reconciling items at March 31, 2021 cleared the bank in April. Outstanding checks at April
30, 2021 totaled P5,000. There were no deposits in transit at April 30, 2021.
2. What is the cash balance per books at April 30, 2021?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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