ROK Company has a material bank overdraft of $2,000 in ABC Bank and$95,000 in XYZ bank. The bank overdraft in ABC bank should be:O reported as a deduction from the current asset sectionO reported as a deduction from cash.Onetted against cash and a net cash amount reported.O reported as a current liability.

The objective of the question is to determine how a bank overdraft should be reported in the…

Answered: ROK Company has a material bank…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter16: Property Transactions: Capital Gains And Losses

Section: Chapter Questions

Problem 23P

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The Valorant Company has the following items in its general ledger: Petty cash fund- $5,000; Checking account, Bank of Korea- $290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- $100,000; Checking account, BPI Bank- $(170,000); Checking account, Metrobank- $49,500. The amount of cash that should be reported in Valorant's balance sheet as a current asset is:
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he Steamed Egg Company has the following items in its general ledger: Petty cash fund- P5,000; Checking account, Bank of Korea- P290,000; Cash fund legally restricted for short-term borrowings, Bank of Korea- P100,000; Checking account, BPI Bank- P(170,000); Checking account, Metrobank- P49,500. The amount of cash that should be reported in Steamed Egg’s balance sheet as a current asset is:Required to answer.
Cutler Company has a cash account with a balance of $250,000 with Wright Bank and a cash account with an overdraft of $5,000 at Lowe Bank. What would the current assets section of Cutler’s balance sheet include for “cash” under IFRS? Under U.S. GAAP?
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Caring Enterprises had the following account balances on December 31, 2020: Cash in BPI Bank - 2,250,000; Cash allowed for the acquisition of machinery - 1,600,000; Revolving Fund - 125,000. Cash in Bank included P600,000 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? a. 1,775,000 b. 2,250,000 c. 2,375,000 d. 3,975,000
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