4G9:17 AMll (38)The following balances are shown the cash and cash equivalents balance per ledger:Manager's checks70,000Traveler's checks100,000Treasury note50,000Treasury shares, purchased on 12/1/2021, to be reissued on 3/1/2022150,000Escrow deposit200,000Bank drafts20,000Postal money orders20,000Demand deposit100,000Treasury bills, purchased December 16, 2021 due March 15, 202250,000160-day treasury bill30,000Time deposit, PCIB, one-year due March 31, 2022180,000Time deposit, PNB – 90 days170,000Time deposit, BPI – 120 days45,000Money market instrument – due 2/28/202240,000Money market instrument – due 6/1/202270,000Cash in bank – Metrobank, which includes a compensating balance of P50,000for short-term borrowing arrangement. The compensating balance is not legallyrestricted as to withdrawal.1,050,000Cash in bank – Metrobank(100,000)Cash in bank - Firstbank, which includes a compensating balance of P50,000for long-term borrowing arrangement. The compensating balance is legally450,000restricted as to withdrawal.Cash in bank – Secondbank(60,000)Cash in bank - Seatacbank, which includes a compensating balance of P40,000|for short-term borrowing arrangement. The compensating balance is legallyrestricted as to withdrawal.150,000Cash in bank - Seabank, which includes a compensating balance of P40,000 forshort-term borrowing arrangement.250,000Petty cash fund, which includes an unreplenished voucher for P4,000.10,000Payroll fund100,000Travel fund20,000Interest fund40,000Tax fund30,000Sinking fund420,000Preferred redemption fund100,000Contingent fund200,000Insurance fund500,000Fund for acquisition of PPE expected to be disbursed in 2022800,000IOU from officers20,000Cutomer's post-date checks70,000Customer's checks returned by bank marked "NSF"20,000Redeemable preferred shares – acquired 3 months before maturity date15,000Unused credit line200,000Revolving fund100,000Visa Card - credit limit20,000Required: Compute the cash and cash equivalents that should be shown in the statement of financial position.1.Cash2.Total cash and cash equivalent

Cash and Cash Equivalents Cash and Cash Equivalents are important part in the current assets of the…

Revolving fund 100,000 Visa Card - credit limit 20,000 Required: Compute the cash and cash equivalents that should be shown in the statement of financial position. 1. Cash 2. Total cash and cash equivalent

Revolving fund 100,000 Visa Card - credit limit 20,000 Required: Compute the cash and cash equivalents that should be shown in the statement of financial position. 1. Cash 2. Total cash and cash equivalent

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

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Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
14 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, P100,000. What is the correct cash and cash equivalents balance to be reported by AA Company on December…
P9. The following information is available for Delta Company as of April 30, 2014 GENERAL LEDGER ADJUSTED BOOK BALANCE APRIL 30: $149,473.28 Cash on books as of April 30 amounted to $114,175.28. Cash on the Bank statement for the same date was $141,717.08. A deposit of $14,249, representing cash receipts of April 30, did not appear on the bank statement. Outstanding checks totaled $7,293.64. A check for $2,420.00 returned with the statement was recorded as $2,024.00. The check was for advertising. The bank service charge for April amounted to $26.00 The bank collected $36,400.00 for Delta Company on a note. The face value of the note was $36,000.00. An NSF check for $1,140.00 from a customer, Hasan Ali, was returned with the statement. The bank mistakenly deducted a check for $800.00 that was drawn by Alpha Corporation The bank reported a credit of $460.00 for interest on the average balance. REQUIRED Prepare a bank reconciliation for Delta as of April 30, 2014 Prepare the necessary…
What is the adjusted cash in bank on December 31? 8,200,000 9,050,000 8,970,000 9,150,000 What is the cash in bank per ledger on December 31? 8,990,000 8,270,000 8,560,000 8,660,000 for fc479f51-46ab-41af-b134-12bc9f4c0777.png How much from the list above should be presented as part of noncurrent assets 4,000,000 1,000,000 4,900,000 5,500,000
22.ABC Corp held the following items on Dec 31, 20X1:Cash on hand, P50,000Petty cash fund (currencies and coins P3,000) , P5,000Customers check #453 dated Dec 30, P45,000Customer check #7600 dated Jan 2, 20X2, P23,000NSF check (received from the bank dated Dec 28, 20X1), P4,000Cash in bank (per bank statement) P37,000 Outstanding checks for the month, P4,800What amount should ABC Corp. show as cash at Dec 31, 20X1? 130,200 132,200 137,000 179,000
1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current liabilities on December 31, 2020?
1. A company has P2,320,000 cash balance per bank statement, P456,000 deposit in transit, P320,000 NSF check and P278,000 outstanding check. What is the adjusted cash balance? A. P2,142,000 B. P2,178,000 C. P2,456,000 D. P2,498,000
9 The AA Company’s cash in bank for the year ended December 31, 2022, following information are available: November 30 December 31 Cash per books P530,500 ? Cash per bank statements 510,000 520,500 Deposits in transit 260,100 ? Outstanding checks 162,600 220,400 Bank service charges 2,500 2,700 Insufficient fund check 10,500 12,000 Company's notes receivable collected by bank 130,000 125,000 The bank statement and the company’s cash records show the following totals: Checks and debit memos per bank statement P470,500 Cash receipts per cash record 490,500 Cash disbursements per cash records 450,000 Deposits and credit memos per bank statement 481,000 Additional information: A P40,000 book debit error in November was corrected in December. A P25,000 withdrawal of AB Corporation…
MC49 The following bank reconciliation is presented for the Pony Co. for the month of November, 2020: Balance per bank statement, 11/30/2020 P180,400 Add: Deposit in transit P41,500 Erroneous bank charge 15,500 56,500 Subtotal P236,900 Less: Outstanding Checks 78,200 Balance per books, 11/30/2020 P158,700 Data for the month of December 2020 follow: Per bank: December deposits/credits — P261,000 December charges/debits — P224,200 Balance, December 31, 2020 — P217,200 All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P25,000 checks were outstanding as of December 31, 2020. What is the amount of cash disbursements per books in December 2020? (WITH SOLUTION) a. P146,000 b. P171,000 c. P249,200 d. P249.200
What is the bank statement balance at June 30, 2023?a. P70,564.40b. P78,314.60c. P83,109.60d.. P87,904.60
5. The AA Company’s cash in bank for the year ended December 31, 2022, following information are available: November 30 December 31 Cash per books P530,500 ? Cash per bank statements 510,000 520,500 Deposits in transit 260,100 ? Outstanding checks 162,600 220,400 Bank service charges 2,500 2,700 Insufficient fund check 10,500 12,000 Company's notes receivable collected by bank 130,000 125,000 The bank statement and the company’s cash records show the following totals: Checks and debit memos per bank statement P470,500 Cash receipts per cash record 490,500 Cash disbursements per cash records 450,000 Deposits and credit memos per bank statement 481,000 Additional information: A P40,000 book debit error in November was corrected in December. A P25,000 withdrawal of AB Corporation…
The following information was taken from the books of Zia Traders on 30 June2019: 1. The items appearing on the bank reconciliation statement of Zia Traders asat 31 May 2019.Details Amount(R)Balance as per bank statement (unfavourable) 25 400Outstanding deposit 5 700Outstanding cheques: CHQ116 1 430CHQ135 2 780Correction of incorrect cheque (see note 2.5 below) 570Balance as per bank account ?2. A comparison of the cashbooks for June, the above bank reconciliationstatement and the bank statement for June showed the following:2.1 Provisional totals in the cashbooks on 30 June:  Cashbook Receipts R 113 200 Cashbook Payments R 96 0002.2 The outstanding deposit at the end of May for R5 700 appeared onthe bank statement on 5 June 2019.2.3 Cheque number CHQ135 appeared on the bank statement on 7 June for R3 100. An investigation revealed that the bankstatement amount was correct.2.4 Cheque number CHQ116 still did not appear on the bank statementfor June 2019. The cheque was originally…