The following data pertain to CPA Corporation on December 31, 2020: Savings account at UCPB Payroll account at Unionbank Certificate of deposit with Bank of Acer, due 1/30/21 (Purchased 8/31/20) Current account maintained at UCPB Foreign bank account A 3-month treasury bills Deferred tax assets Foreign bank account B Unused office stationery supplies IOU from employees Savings account with Metrobank, earmarked for the purchase of a Boiler Equipment due for delivery on 2 May 2021 Manager's checks 5-month treasury bills Cashier's checks Sinking fund for plant expansion Not sufficient fund check of Fe Prime, a customer Customer's check dated 2/15/21 Certificate of deposit with Bank HDY, due 1/15/21 (Purchased on 2nd of December 2020) Petty cash fund Notes: in PH Pesos in US Dollars P850,000.00 645,000.00 140,000.00 (200,000.00) 300,000.00 130,500.00 4,000.00 20,000.00 900,000.00 70,500.00 230,000.00 150,000.00 1,300,000.00 18,800.00 30,000.00 180,000.00 10,000.00 $4,800.00 in Euros 5,000 Exchange rates as of 12.31.2020 is P51.80:US$1.00, P58.10: EUR 1.00 The petty cash fund includes expense receipts for miscellaneous expenses for P3,800 How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
The following data pertain to CPA Corporation on December 31, 2020: Savings account at UCPB Payroll account at Unionbank Certificate of deposit with Bank of Acer, due 1/30/21 (Purchased 8/31/20) Current account maintained at UCPB Foreign bank account A 3-month treasury bills Deferred tax assets Foreign bank account B Unused office stationery supplies IOU from employees Savings account with Metrobank, earmarked for the purchase of a Boiler Equipment due for delivery on 2 May 2021 Manager's checks 5-month treasury bills Cashier's checks Sinking fund for plant expansion Not sufficient fund check of Fe Prime, a customer Customer's check dated 2/15/21 Certificate of deposit with Bank HDY, due 1/15/21 (Purchased on 2nd of December 2020) Petty cash fund Notes: in PH Pesos in US Dollars P850,000.00 645,000.00 140,000.00 (200,000.00) 300,000.00 130,500.00 4,000.00 20,000.00 900,000.00 70,500.00 230,000.00 150,000.00 1,300,000.00 18,800.00 30,000.00 180,000.00 10,000.00 $4,800.00 in Euros 5,000 Exchange rates as of 12.31.2020 is P51.80:US$1.00, P58.10: EUR 1.00 The petty cash fund includes expense receipts for miscellaneous expenses for P3,800 How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section: Chapter Questions
Problem 5AP
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
Transcribed Image Text:The following data pertain to CPA Corporation on December 31, 2020:
in PH Pesos in US Dollars in Euros
P850,000.00
645,000.00
Savings account at UCPB
Payroll account at Unionbank
Certificate of deposit with Bank of Acer, due 1/30/21
(Purchased 8/31/20)
Current account maintained at UCPB
Foreign bank account A
3-month treasury bill
Deferred tax assets
Foreign bank account B
Unused office stationery supplies
IOU from employees
Savings account with Metrobank, earmarked for
the purchase of a Boiler Equipment due for delivery on 2 May 2021
Manager's checks
5-month treasury bills
Cashier's checks
Sinking fund for plant expansion
Not sufficient fund check of Fe Prime, a customer
Customer's check dated 2/15/21
Certificate of deposit with Bank HDY, due 1/15/21
(Purchased on 2nd of December 2020)
Petty cash fund
140,000.00
(200,000.00)
$4,800.00
300,000.00
130,500.00
5,000
4,000.00
20,000.00
900,000.00
70,500.00
230,000.00
150,000.00
1,300,000.00
18,800.00
30,000.00
180,000.00
10,000.00
Notes:
• Exchange rates as of 12.31.2020 is P51.80:USS1.00, P58.10:EUR1.00
• The petty cash fund includes expense receipts for miscellaneous expenses for P3,800
How much is the total amount to be reported as cash and cash equivalents as of December 31, 2020?
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