Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included cash surrender value of life insurance of P50,000. What total amount should be reported as current assets on December 31, 2019?
Q: The following additional information is provided. 1. Cash includes $1,200 in a petty cash fund and…
A: 1. Cash = 73,290 - 1,200- 11,230+6,000= 66,860 Bond sinking fund cannot be shown under current…
Q: 8. White ink Company reported a Cash and Cash Equivalent balance of P1,187,500 on December 31, 2022…
A: Cash & cash Equivalant as on 31st December 2022 is 1187500.
Q: n December 1, 2021, Hazel Company established a petty cash fund of P50,000, On December 31, 2021,…
A: >Petty Cash fund is created out of cash account to pay off certain small and petty amounts of…
Q: Duct Company reported the following account balances and related information on December 31, 2019…
A: Adjusted cash balance = Cash in bank + Petty cash fund + Cash withheld from wages + General cash
Q: Problem 1 (Petty Cash) George Corp sets up a petty cash fund to pay for relatively small amounts of…
A: Hello, since your question has multiple parts we will solve the first question for you. If you want…
Q: Garfield Company had the following cash balances at December 31, 2020: Undeposited coin and…
A: Answer:
Q: On December 1, 2021, Andi Company established a petty cash fund of P50,000. On December 31, 2021,…
A: The petty cash fund is maintained by the company for the day to day expenses of the business.
Q: AJA Company, provided the following information pertaining to its petty cash fund during the year:…
A: Net overage refers to the inventory or cash surplus which is greater or more than the amount in the…
Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…
A: Total expenses = Office supplies + Postage +Representation +Transportation +Miscellaneous =…
Q: Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…
A: The petty cash book is prepared for day to day small cash transactions of the business.
Q: Allowance for doubtful accounts 60,000 Sales…
A: The Information regarding Accounts Receivables are given for the year ended 31st December 2020.…
Q: The December 31, 2022 cash and cash equivalents of La Solar Co. includes the following items: Cash…
A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: cash balances:
A: In the December 31, 2019, statement of financial position, what total amount should be reported as…
Q: C32 The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed…
A: Petty cash is the small amount of cash kept aside to pay for the small unanticipated expenses
Q: EFG Company established a petty cash fund of P90,000 on December 1, 2021.As of December 31, 2021,…
A: Solution:- Calculation of the cash (shortage)/overage as follows under:- Introduction:- The petty…
Q: On December 1, 2020, Kyle Corporation established a petty cash fund of P4,000. On December 31, 2020,…
A: Cash short and over = Receipts and documents for miscellaneous expenses + additional cash -opening…
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: Willard Company established a $500 petty cash fund on September 9, 2020. On September 30, the fund…
A: Petty cash refers to the small amount of cash maintained by cashier of company in order to meet…
Q: 1. Violet Company had the following cash balances at December 31, 2017: Cash in banks Petty cash…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
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: What total amount should be reported as cash and cash equivalents on December 31, 2020?
A: Assets: It is a resource that will generate future benefits and revenue for the company. It…
Q: Commercial paper due in 100 days 1,000,000 Currency and coins in petty cash fund (including…
A: Cash & cash equivalents includes cash available and the assets which will be immediately…
Q: Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund…
A: A journal entry is the first step in recording financial transactions in the books of business…
Q: 38. Tier Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month,…
A: opening balance=10000 Closing balance=3557.4
Q: Additional Information: 1) A count of the petty cash fund on January 2, 2020 showed its composition…
A: Accounts Receivable Accounts receivable is considered to be one of the important part in the entity…
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: Additional Information: 1) A count of the petty cash fund on January 2, 2020 showed its composition…
A: Accounts Receivable Accounts receivable is considered to be one of the important element in the…
Q: Additional Information: 1) A count of the petty cash fund on January 2, 2020 showed its composition…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Willard Company established a $440 petty cash fund on September 9, 2020, On September 30, the fund…
A: A record is usually preserved in the general ledger, but it can alternatively be placed into a…
Q: A petty cash fund of 50,000 comprised of the following on June 30, 2021, the company's year- end…
A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc.…
Q: The cash account of JKL Company consists of the following on December 31,2019: Cash in bank Petty…
A: Petty cash included money small operations of the day-to-day.
Q: December 31, 2021 3,675,000 81,000 December 31, 2022 Accounts receivable Allowance for doubtful…
A: Allowance for doubtful account refers to the contra account which nets against the aggregate…
Q: The trial balance of MasqueCompany at December 31, 2021includes the following accounts: Petty cash…
A:
Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…
A: Cash shortage (overage) = Petty cash fund - Bills and coins - Transportation - Supplies - Envelope…
Q: 35. The balance sheet of Longgan Company showed a cash balance of P91,/50. An examination of the…
A: Every company should reconciled their balances of bank with the bank statements and cash balances…
Q: Part II. Problem Solving. AAA Company had the following account balances on December 31,2020. Petty…
A: Cash and Cash equivalents means the amount of liquid money available in the company. It includes…
Q: CPA Company established a petty cash fund of P10,000 on July 1, 2021. At the end of the month, the…
A: Solution: Total petty cash receipts = P741.90 + P880 +P900 + P1,421.40 + P837.60 = P4,780.90…
Q: 12. On January 1, 2022, Bernadette Corporation established a petty cash fund of P400. On December…
A: "Since you have asked multiple questions, we will solve only 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: 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: Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items…
A: Petty cash funds are those funds which are established for the purpose of small petty expenses in…
Q: EFG Company established a petty cash fund of P90,000 on December 1, 2021. As of December 31, 2021,…
A: The petty cash fund is established for day to day cash expenses of the business.
Q: Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020,…
A: Petty cash is the fund of cash which includes the payments and receipts of minor expenses to be made…
Q: MC44 Gem Co. had the following cash balances at December 31, 2020: Petty cash fund — P1,500…
A: Cash and cash equivalents includes the form of currency like demand deposits, currencies and…
Q: Queen Company consists of: Cash in Bank 9,000,000 Cash restricted for additions to plant (expected…
A: Answer: Cash balance of McQueen Company on December 31, 2017: Note: Cash restricted for addition…
Q: As of December 31,2020, based on a physical count conducted, the following are the items included in…
A: Petty cash maintained to spend for the business related small expense on day-to-day basis.
Q: Cash in bank, net of bank overdraft of P100,000…
A: The current assets refer to the assets that can be realized in cash or can be used in the operations…
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
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- 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.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.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.
- Provide journal entries to record each of the following transactions. For each, also identify: *the appropriate section of the statement of cash flows, and **whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. reacquired $30,000 treasury stock B. purchased inventory for $20,000 C. issued common stock of $40,000 at par D. purchased land for $25,000 E. collected $22,000 from customers for accounts receivable F. paid $33,000 principal payment toward note payable to bankTo demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750Using a Spreadsheet to Prepare a Statement of Cash Flows Fleet Limousine Service Inc. began operations in late March 2019. At the end of 2019, the following balance sheet was prepared for Fleet. Required: 1. Using a spreadsheet, prepare a statement of cash flows for 2019. Assume Fleet Limousine uses the indirect method. 2. CONCEPTUAL CONNECTION Discuss whether Fleet Limousine appeals to have matched the timing of inflows and outflows of cash.
- Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items have been recorded as purchase. The prepaid insurance included cash surrender value of life insurance of P50,000.What…Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items has been recorded as purchases. The prepaid insurance included cash surrender value of life insurance of P50,000. What is the adjusted inventory? a. P2,200,000…Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items have been recorded as purchase. The prepaid insurance included cash surrender value of life insurance of P50,000.What is the adjusted balance of accounts receivable?…
- Louis Company had the following account balances at December 31, 2021: Cash in Metrobank 1,875,000 Cash in BPI 200,000 Cash on hand (includes a customer's check for P15,000 dated January 5, 2022 125,000 Cash restricted for acquisition of machinery (expected to be disbursed in 2022) 1,600,000 Cash in Metrobank include P300,000 of compensating balance against short-term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Louis. Question: In the current asset section of Louis' December 31, 2021 statement of financial position, total cash should be reported at a. P2,185,000b. P1,885,000c. P3,785,000d. P3,485,0008) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…On December 31, 2019 Ivan Company showed the following current assets: Cash 3,200,000 Accounts receivable 2,500,000 Inventory 2,000,000 Prepaid expenses 100,000 Details on cash and accounts receivable are as follows: Cash on hand, (including customer postdated check P50,000 and employees IOUs of P50,000) P 500,000 Cash in bank per bank statement (outstanding checks on December 31,2019 (P200,000) P2,700,000 Total cash P3,200,000 Customer’s debit balances, net of customer deposit of P50,000 P1,900,000 Allowance for doubtful accounts ( 150,000) Sales price of goods invoiced to customers At 150% of cost on Dec.29,2019 but delivered on January 15, 2020 and excluded from reported Inventory, P750,000 Total accounts receivable P2,500,000 What is the adjusted cash in bank balance? a. P2,900,000 b. P2,500,000 c. P2,950,000 d. P3,200,000