The Ministry of Water Resources asked the bank to pay the value of the letter of guarantee due to the company's inability to implement its obligations, and the necessary was done, noting the value of the letter of guarantee is 1000000 and the deposits are 25% 0 (1) 1,000,000 from h/ receivables letters of guarantee paid 1693 1,000,000 to h/ checks drawn on the bank 2563 (B) 1,000,000 of h/ credit current accounts to the private sector > 2517 individuals 1000000 to h / debit letters of guarantee paid 1693 (C) 250000 from h/ deposits against letters of guarantee 2552 ) 25000 0 to h Loredi+ ourrent nto/privete oecter individuele 256 1

The Ministry of Water Resources asked the bank to pay the value of the letter of guarantee due to the company's inability to implement its obligations, and the necessary was done, noting the value of the letter of guarantee is 1000000 and the deposits are 25% 0 (1) 1,000,000 from h/ receivables letters of guarantee paid 1693 1,000,000 to h/ checks drawn on the bank 2563 (B) 1,000,000 of h/ credit current accounts to the private sector > 2517 individuals 1000000 to h / debit letters of guarantee paid 1693 (C) 250000 from h/ deposits against letters of guarantee 2552 ) 25000 0 to h Loredi+ ourrent nto/privete oecter individuele 256 1

Business Its Legal Ethical & Global Environment

10th Edition

ISBN:9781305224414

Author:JENNINGS

Publisher:JENNINGS

Chapter7: International Law

Section: Chapter Questions

Problem 4QAP

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AAA Corporation's checkbook balance on December 31, 2020, was P800,000. In addition, AAA held the following items in its safe on December 31: Check payable to AAA Corporation, dated January 2, 2021, not included in December 31 checkbook balance P200,000 Check payable to AAA Corporation, deposited December 20, and included in December 31 checkbook balance, but returned by bank on December 30, stamped "NSF." The check was redeposited January 2, 2021, and cleared January 7 40,000 Post-dated checks 15,000 Check drawn on AAA Corporation's account, payable to a vendor, dated and recorded December 31, but not mailed until January 15, 2021 100,000 The proper amount to be shown as cash on AAA's balance sheet at December 31, 2020, is
On December 1, 2020, RB Company issued accounts receivable of Php6,000,000 to a bank in exchange for a loan of 80% of the accounts minus a 5% service charge on the accounts assigned. The entity signed a bank loan note. On December 31, 2020, the company collected Php2,000,000 in assigned accounts minus a discount of Php200,000. The collections were submitted to the bank as partial payment for the loan. The bank applied the collection first to the interest and then to the principal. On the loan balance, the agreed-upon interest rate is 1% each month. On the allotted accounts, the organisation took sales refunds of Php 100,000 and wrote down assigned accounts totaling Php300,000.
The following transactions by Africa Traders occurred during February 2021: The provisional total of the bank column in the Cash receipts journal was R9 500. The provisional total the bank column in the Cash payments journal was R7 750. The bank balance in the general ledger amounted to R6 500 (favourable) on 1 February 2021. A capital contribution of R1 000 was deposited directly into the bank account of Africa Traders. Made an electronic funds transfer to the amount of R1 427 to settle the monthly telephone bill. Bank charges for the month were R180. SA Dealers deposited R550 directly into Africa Traders bank account. Debit order in favour of SA Computers of R350 for monthly computer services. Interest of R250 received on bank favourable. What will the new total of the bank column in the Cash Payments Journal of Africa Traders at 28 February 2021 be? NB: Instructions 1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) 2. Use a full stop to…
Assuming loan made by M Enterprises to Banco De Oro amounting to P350,000.00 payable in three years with a monthly interest of 1.05%. M enterprises issued 12 checks for 1 year and upon 3rd month, issued check was bounced. What could be the possible action of the drawee? Elaborate your answer with supporting data. What could be the possible violation of the above scenario where they would just escape the obligation to the said bank upon the rules of commercial/ personal credit?
.On December 31, 2021, Alfonso Company had the following cash balances:Cash in bank, 15,000,000Petty cash fund, 50,000Time deposit 5,000,000Savings deposit 2,000,000Cash in bank includes P500,000 of compensating balance against short term borrowing arrangement at December 31, 2021. The compensating balance is legally restricted as to withdrawal by Alfonso. A check of P300,000 dated January 15, 2022 in payment of accounts payable was recorded and mailed on December 31, 2021. In the current assets section of the December 31, 2021 statement of financial position, what amount should be reported as “cash and cash equivalents”? 14,850,000 16,850,000 21,800,000 21,850,000
Assuming loan made by M Enterprises to Banco De Oro amounting to P350,000.00 payable in three years with monthly interest of 1.05%. M enterprises issued 12 checks for 1 year and upon 3rd month, issued check was bounced. What could be the possible violation on the above scenario where they would just escape the obligation to the said bank upon the rules of commercial/personal credit?
Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:· Check payable to Suga, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000· Check payable to Suga, 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 Suga’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?
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?
In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information: Balance per bank statement, 8/31/22, P18, 050 Return of customer's check for insufficient funds, 8/29/22, P600 Outstanding checks, 8/31/22, P2, 750 Deposit in transit, 8/31/22, P3,250 Bank service charges for August. P100 Check disbursement recorded in August (correct amount is P5,000), P500 AA deposited P15,000 in August but credited by bank at, P1,500 What is the unadjusted balance per book on August 31, 2021?
Charlton Enterprises negotiated a line of credit at the bank that requires it to pay 12.5% interest on its borrowing. The firm is required to maintain a compensating balance equal to 10% of the amount borrowed. The firm borrowed $500,000 during the year. a.Calculate the effective annual rate on the firm’s borrowing if the firm normally maintains no deposit balances at the bank.b.Calculate the effective annual rate on the firm’s borrowing if the firm normally maintains a deposit balance of $45,000 at the bank. c.Calculate the effective annual rate on the firm’s borrowing if the firm normally maintains a deposit balance of $145,000 at the bank. d.What is the change in the effective annual rate when the deposit balances increase?
ell Corporation reported checkbook balance on December 31, 2020 at P4,650,000. Pertinent information are as follows: A customer check amounting to P60,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance. Another customer check for P200,000 deposited on December 28, 2020 was included in the checkbook balance but returned by bank on December 30 2020 for insufficiency of fund. It was redeposited on January 2, 2021 and was cleared 3 days after. A P690,000 check payable to supplier dated and recorded on December 30, 2020 was delivered to payee on January 5, 2021. What amount should be reported as “cash” on December 31, 2020?
KORSTOCKS Company provided the following information on December 31, 2021. Cash on Hand 200,000Philippine Bank Current Account 5,000,000Manila bank current account 4,000,000City Bank current account (bank overdraft) (100,000)Asia Bank savings account for equipment acquisition 250,000Asia Bank Time Deposit, 90 days 2,000,000 Included among the checks drawn by KORSTOCKS against Philippine Bank current account and recorded in December 2021 are:a. check written and dated December 23, 2021 and delivered to payee on January 3, 2022, P 100,000b. check written December 26, 2021, dated January 30, 2022, delivered to payee on December 28, 2021, P 150,000what amount should be reported as cash and cash equivalents on December 31, 2021?a. 11,200,000b. 11,450,000c. 10,950,000d. 11,700,000