The following were taken from the records of LML Co. as of December 31, 2010: • Checks drawn but not yet issued to payees P 120,000 Customers' checks dated January 15, 2011 35,000 • Customers' checks dated Dec. 31, 2010 • LML's check dated Jan. 15, 2011 already mailed to payee • Cash on hand • Employees' checks representing unclaimed salaries, held by the treasurer 14,000 • Petty cash fund (fully replenished) 40,000 16,000 130,000 20,000 How much of the items listed above will be included in LML's Dec. 31, 2010 cash?
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- Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.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.The Metrobank current account of Khaki Company has a balance of P290,200 at December 31, 2021. Included among the checks drawn by Kakhi Company against the Metrobank current account and recorded in December 2021 are the following:*Check No. 1112 written and dated December 22, 2021 and delivered to payee on January 3, 2022 - P25,000*Check No. 1119 written December 26, 2021 but dated January 30, 2022 and delivered to payee on December 28, 2021 - P43,000What is the correct amount of Metrobank current account balance included in Khaki Company's Cash at December 31, 2021?
- The Accounting Department produced the following data for Jon Company as of December 31, 2021: Checkbook balance P 475,000Collectibles balance 500,000Cash in sinking fund 500,000Petty cash fund balance 5,000There was also a check drawn on Jen's account, payable to supplier amounting to P10,000, dated and recorded on December 31, 2014, but was mailed only on January 15, 2022. On December 31, 2021, how much should be reported as "cash and cash equivalents"? A. 990,000 B. 490,000 C. 980,000 D. 480,000In the month of November, Kingbird, Inc. wrote checks in the amount of $ 63300. In December, checks in the amount of $ 86581 were written. In November, $ 57921 of these checks were presented to the bank for payment and $ 74440 in December. What is the amount of outstanding checks at the end of December? A)$ 5379. B)$ 17520. C)$ 24282. D)$ 12141.In the month of May, Fredricksburg Company Inc. wrote checks in the amountof $64,750. In June, checks in the amount of $88,606 were written. In May,$59,276 of these checks were presented to the bank for payment, and $76,181in June. What is the amount of outstanding checks at the end of June?a. $12,425b. $5,474c. $17,899d. $24,850
- Goose Company has gathered the following information in relation to its checking account in BDO for the month of April Balance per books April 30, P750,000; per bank statement April 30, P815,000 Deposits still in transit at April 30 was P80,000 NSF checks returned by the bank in April was P90,000 and April charges amounted to P20,000 Checks issued but have not yet cleared by April 30 was P50,000 Proceeds from loan directly credited to Goose Company's account amounted to P200,000, while interest on deposits amounted to P5,000 a. The adjusted balance per book is b. The adjusted balance per bank is 9. The cash account of Iguana Company disclosed a balance of P1,128,240 on October 31, while the bank statement showed a balance of P1,470,300. Comparing the statement with the cash records, the following facts were developed Customer's note discounted on October 12; dishonored October 26 and the bank charge Iguana Company, P305,000 which included a service charge of P5,000 …Hotdog Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Hotdog, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Hotdog, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000· Check drawn on Hotdog's account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000· Cash on hand - undeposited collections- P500,000· Change fund- P10,000· Time deposit for plant expansion- P1,000,000· Treasury bill- P2,500,000· Money market placement- P3,000,000· Postage stamps- P5,000 What is the total amount should be reported as cash on December 31, 2021?The following information pertains to Candy company on December 31, 2019: Cash balance per bank statement P2,000,000 Checks outstanding (including certified check of P50,000) P 250,000 Customer note collected by bank for Candy P 75,000 NSF checks of customers returned by bank P 100,000 Bank service charge shown in December bank statement P 10,000 Error made by Candy in recording a check that cleared the bank In December (check was drawn in December for P50,000 But recorded at P5,000) P 45,000 Deposit in transit P 650,000 What is the cash balance per ledger on December 31, 2019?
- The accounts of DMCI Holdings, Inc. revealed the following facts on August 31,2019. Balance of bank statement 1,200,000 Outstanding checks, August 31: Number 555 10,000 761 55,000 762 40,000 763 25,000 764 65,000 765 70,000 Receipts of August 31, deposited September 1 275,000 The bank statement showed the following charges: a. Service charge for August 5,000 b. NSF check received from a customer 85,000 The stub for check number 765 and the invoice relating thereto show that it was for P50,000. It was recorded incorrectly in the cash disbursements journal as P70,000. This check was drawn in payment of an account payable. Payment has been stopped on check number 555 which was drawn in payment of an account payable. The payee cannot be located. The cash balance per ledger on August 31, 2019 is ________.On July 5, 2013, Smee Corp. received its bank statement for the month ending June 30. The statement showed a P209,500 balance while the cash account balance on June 30 was P35,000. In reconciling the balances, the auditor discovered that: 1. The June 30 collections of P176,000 were recorded on the books but were not deposited until July.2. The bank service charges for the month of June totaled P3,0003. A paid check for P24,300 was entered incorrectly in the cash paymentsjournal as P34,200. 32. What is the total outstanding checks at June 30, 2013? This is the answer to the solution manual: 32. P343,600 Is this really the correct answer? Please show the computation, please. Thank you!On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,397. The company’s cash receipts for the month total $74,320, of which $71,295 has been deposited in the bank. In addition, the company has written checks for $72,467, of which $70,982 has been processed by the bank.The bank statement reveals an ending balance of $11,727 and includes the following items not yet recorded by Damon: bank service fees of $150, note receivable collected by the bank of $5,000, and interest earned on the account balance plus from the note of $320. After closer inspection, Damon realizes that the bank incorrectly charged the company’s account $300 for an automatic withdrawal that should have been charged to another customer’s account. The bank agrees to the error.Required:1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021.2. Record the necessary entries to adjust the balance for cash.