What is the total amount that Gema Company should report as “cash and cash equivalents” in the current assets section of the statement of financial position on December 31, 2020?
Q: Andrew and Rachel occasionally use an online rental platform to advertise and rent their personal…
A: As per the general rules a taxpayer must report all rental income on their tax return. In general,…
Q: You are provided with the following information related to class 8 assets for the current year. •…
A: Question 1 The Capital Cost Allowance (CCA) is a provision in tax law that acknowledges the lasting…
Q: For each separate case, record an adjusting entry (if necessary). Lonzo Company receives $4,800…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction is…
Q: Accounting The Management Accountant has communicated a detailed budget to ensure that cost savings…
A: Operational Planning Every manager takes part in daily decision-making. In a factory or office,…
Q: Holding Artisans Inc. (HAI) operates a craft market which sells paintings, handmade dolls and…
A: The closing entries are prepared to close the temporary accounts of the business. The temporary…
Q: Corporation Beta must remeasuring several accounts that were created during that year in two…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : On…
Q: Holt Enterprises recently paid a dividend, D0, of $1.75. It expects to have nonconstant growth of…
A: The process of determining the worth of a company's shares is referred to as the valuation of…
Q: EPS with Convertible Bonds and Preferred Stock The Ehrlich Corporation issued 10-year, $5,000,000…
A: According to the given question, we are required to compute the earnings per share and diluted…
Q: 13) An entity in which an investor has significant influence but not control or joint control, is…
A: ASSOCIATES An associate company is a firm that is owned in part by a parent company entity.…
Q: All of the following are advantages of a 401(k) plan except: Select one: Employees are permitted to…
A: 401(k) plan: It is a retirement plan offered by the employers which also gives tax break on the…
Q: Brown purchases 30% of Orange Company on Jan. 1, 2016 for $300,000. This acquisition gave Brown the…
A: Significant Influence It refers to the power to participate in the financial and operating policy…
Q: -excess of par, common X, 8% l-excess of par, preferred 1,000 300 575 amount of dividends to be paid…
A: When the preferred stock is cumulative, the dividend payable if in arrears is payable in the…
Q: My toy car company made 3051 cars last year sold for $54 each. I also paid 3 employees with an…
A: PRODUCTIVITY Productivity is the relationship of Output & Input. it is a Concept that guides…
Q: P11.
A: Break even point means if company reaches to its break even point it will not earn a single penny.…
Q: American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton…
A: Solution 1: Journal Entries - American food service Date Particulars Debit Credit…
Q: Company P purchased an 80% interest in Company S on January 1, 2016, for $800,000. On the purchase…
A: The amortization deduction is taken over the useful life of the asset, which is generally the period…
Q: Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During…
A: Closing entries are recorded in the books in order to close the temporary accounts like revenues,…
Q: Juniper Corporation makes three models of insulated thermos. Juniper has $304,000 in total revenue…
A: Contribution is part of sales revenue which is left after absorption of variable cost. This includes…
Q: During 20B, Inna company had outstanding 400,000 ordinary shares and 40,000 shares of cumulative…
A: Outstanding ordinary shares: 400,000 Cumulative preference shares: 40,000 Net Loss: P6,000,000 Basic…
Q: Tremaine would like to organize UTA as either an S Corporation or a C corporation in either form,…
A: Tax Tax is the term used to describe the requirement that any government agency must impose on a…
Q: please show all work and preferably on paper Question 2. The marketing manager for Tim Hortons is…
A: The selling price is a combination of cost and markup value. So we can calculate the selling price…
Q: Cafeteria. Direct costs for each department and the proportion of service costs used by the various…
A: Step down method - under this method the cost of service department is not only allocated to…
Q: /29/2022, total price=2000000; 500000 llocated to land. a. What is the maximum llowed cost recovery…
A: Cost recovery means the cost that can be recovered through depreciation and amortization of an asset…
Q: Your company has a travel policy that reimburses employees for the "ordinary and necessary" costs of…
A: The question requires to calculate the Business portion of the airfare based in maximum…
Q: Ekiya, who is single, has been offered a position as a city landscape consultant. The position pays…
A: The questions are asked about the standard deductions and the compensation after tax. The standard…
Q: Dantzler Corporation is a fast-growing supplier of office products. Analysts project the following…
A: Continuing value refers to the value or amount of money of the investment of the business at the end…
Q: th of the following convertible securities is the dilutive in the calculation of diluted EPS? stion…
A: EPS is earning per share. It means the warning that is earned by each share. EPS is of two types: 1.…
Q: What two accounts are impacted when a customer indicates an inability to pay?
A: At the time of purchase Customers account will be debited because of increase in Debtor. When there…
Q: Write a memo to your supervisor explaining in your own words the concept of amortization as it is…
A: Lets understand the basics. Memo is written by one person the another person or department in the…
Q: Should corporate lawyers who become aware that someone at the client corporation may have violated…
A: SEC stands for Securities and Exchange Commission which refers to the independent federal government…
Q: d) Suppose AGM sends a $7,000 cheque for partial payment on Jul 17th. How much does AGM still owe…
A: Introduction:- Cash discount is offered by the seller to buyer for paying a bill before the…
Q: Using weighted average process costing method, the Packing Department has finished units.
A: Given in the question: WIP, beginning Units = 25,000 Started Units = 60,000 WIP, Ending Units =…
Q: Questions: Based on the above data, answer the following: (Round off present value factors to four…
A: 1) (d) 2) (a) 3) (c)
Q: a. The owner's initial investment consists of $36,570 cash and $46,080 in land in exchange for its…
A: In the given question, we need to prepare a Statement of cash flows under direct method( as the…
Q: Kim paid her nanny $20,000 during 2021 to watch her three children, Finn (3). Rachel (5) and Caltlyn…
A: Dependent care credit: It implies to a tax credit that allows and assist a taxpayer in paying for…
Q: uncollectable accounts recognized
A: The term Receivables refers to the amount of debts owed to a firm by its customers for goods or…
Q: Bens Corporation has three service departments (Repairs, HR, and IT) and two production departments…
A: The direct method of allocation is used to allocate the cost of the service department is allocated…
Q: Rolfe Company (a U.S.-based company) has a subsidiary in Nigeria where the local currency unit is…
A: INTRODUCTION: Common stock is a sort of investment reflecting a firm's equity ownership. Other…
Q: The cash balance of Mendoza Company consists of the following on December 31, 2020: Cash on hand,…
A: A cash balance is the amount of money that a corporation currently has on hand. This money is held…
Q: 17) In 2011 Ace Inc. acquired a 100% equity interest in Beauty Co. for cash consideration of…
A: Combining the assets, liabilities, and other financial components of two or more entities into one…
Q: The following units of a particular item were available for sale during the calendar year: Date…
A: Inventory valuation is a process or accounting practice to determine the value of unsold goods at…
Q: Walmart does not issue its first-quarter report until after the second-quarter results are reported.…
A: 1)Timeliness
Q: 1 Which of the following investors of a segregated funds contract will NOT benefit from the…
A: In segregated funds, investors have been given guarantee of 75% or 100%(in some contracts) of…
Q: Deferring December’s routine monthly maintenance on packaging equipment by an independent contractor…
A: Professional ethics means ethics which is combination of the personal as well as corporate ethics…
Q: Requirement 5. Journalize the adjusting entries using the adjustment data. Post adjusting entries to…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Edwards Corporation operates hair salons under various brand names. The following is a simplified…
A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…
Q: Which of the following best explains inventory shrinkage under the perpetual inventory system? Oa.…
A: Inventory shrinkage is the loss of stock of any product as a result of unforeseen or unanticipated…
Q: Presented here are summarized data from the balance sheets and income statements of Wiper Inc.:…
A: Account Receivable Turnover Ratio :— It is the ratio of credit sales and average accounts…
Q: The Hubbard Corporation is a distributor of hair care products and is ready to start the third…
A: The question is asked about the cash budget, cash receipts, and loan repayment capability. Cash…
Q: Cruz Company has gathered the information needed to complete its Form 941 for the quarter ended…
A: Form 941 for the quarter ended September 30, 20--.
What is the total amount that Gema Company should report as “cash and cash equivalents” in the current
assets section of the
Step by step
Solved in 2 steps
- Mickey Mouse Corporation reported total cash and cash equivalent of P5,500,000 on December 31, 2021 include the following information:a. Two certificates of deposits, each totaling P500,000. One certificate having a maturity of 120 days and other certificate having a maturity of 90 days. b. A check that is dated January 3,2022 in the amount of P250,000.c. A check that is yet to deliver to the payee until December 31, 2021 amounting to P350,000.d. Currency and coins in hand amounted to P10,500.e. Check payable to Mickey Mouse Corporation amounting to P100,000 was deposited on December 13, but returned by the bank on December 25, stamped “DAIF”. No entry has yet been made to return the return of the check.Mickey Mouse Corporation has agreed to maintain a cash balance of P700,000 in one of its banks at all times to ensure future credit availability (this amount is not legally restricted as to withdrawal and was included in the above balance). How much is the correct amount of cash and…On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the following: Undeposited collections PhP 500,000 Cash in bank – BDO checking account 3,000,000 Undeposited NSF check received from the customer, dated December 1, 2020 250,000 Undeposited check from a customer, dated January 15, 2021 400,000 Cash in bank – BDO fund for payroll 2,000,000 Cash in bank – BDO money market instrument, 90 days 3,000,000 Cash in foreign bank restricted…The cash account in Cake Company's ledger on December 31, 2023 showed a balance of P5,250,000 which included the following: Petty cash fund-P50,000 Undeposited receipts, including a postdated customer check of P100,000-P1,400,000 Cash in bank-P1,300,000 Cash in sinking fund-P500,000 Vouchers paid out of collections, not yet recorded-P250,000 IOUS signed by employees-P150,000 What total amount should be reported as cash in the December 31, 2023 statement of financial position?
- TRESE Co. provided the following information about the composition of its cash on December 31. 2020: · Commercial savings account of P600,000 and a commercial checking account balance of P900,000 are held at BPI. · Money market fund account held by Citibank that permits Eastern to write checks in this balance, P5,000,000. · Travel advances of P180,000 for executive travel for the first quarter of next year (employee to pay through salary deduction) · A separate cash fund in the amount of P1,500,000 is restricted for the retirement of long-term assets. · Petty cash fund, P10,000 What is the correct amount of cash and cash equivalents TRESE Company should report in its December 31, 2020 statement of financial position?TAEHYUNG Company reported a total cash and cash equivalent of P6,500,000 on December 31, 2019, which includes the following information: Two certificates of deposit, each totaling P600,000. These certificates of deposit have a maturity of 120 days A check that is dated January 12, 2020 in the amount of P150,000 A commercial paper of P2,500,000 which is due in 120 days Currency and coins on hand amounted to P10,500 TAEHYUNG Company has agreed to maintain a cash balance of P500,000 in one of its banks at all times and it is not available for withdrawal and to ensure future credit availability (this amount was included in the above balance). How much is the correct amount of cash and cash equivalents that TAEHYUNG Company should report in its December 31, 2019 statement of financial position?The June 30, 2022 statement of financial position of Red Corporation shows a cash balance of P1,350,700. Included in the said amount were the following items: Petty cash fund (including expense receipts of P3,150)-P5,000; Sinking fund cash-P350,000; Payroll fund maintained with Metrobank- P275,000 ; Savings account at Banco de Oro-P120,800; Un-deposited collections P36,420; Cash in foreign bank (in equivalent pesos)-P72,000; Customer’s check on hand: Traveler’s check-P40,450; certified check-P17,120; customer’s check dated July 10, 2022, P26,450; 90-day BSP treasury bonds- P 150,000; 120-day BSP treasury bills-P250,000. What is the correct amount of cash and cash equivalents of Red Corporation at June 30, 2022?
- The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was determined to consist of: Petty Cash Fund P 24, 000 Undeposited receipts, including a post-dated customercheck for P 70, 000 Cash in Allied Bank, per bank statement, with a checkfor P 40,000 still outstanding 1,220,00 Bond Fund 850,000 Voucher’s paid out of collections, not yet recorded 43,000 IOU’s signed by employees, taken from collections 33,000 4,415,000 Q1. At what amount should cash on hand and in bank be reported on the December 31, 2020 SFP? Q2. At what amount should cash and cash equivalent be reported on the December 31, 2020 SFP?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, What is the correct cash and cash equivalents balance to be reported by AA Company on P100,000. December…On December 31,2021, the cash equivalent of SPIDEY Company show the following composition:-Petty cash fund (of which P750 is unreplenished vouchers for expenses: P150 isIOU notes and remaining currencies and coins amounting P3,500) - P5,000-Cash in bank, General account A, net of P25,000 bank overdraft in the general payroll account in a difference bank - 625,000Cash in bank, General account B, including unrestricted compensating balances of P200,000 - 270,000Cash in bank, General account C, per book (outstanding checks as of year-end totaled P10,000) - 90,000Cash on hand including customer’s postdated checks of P6,000 - 25,000Cash in bank, Administrator payroll account, after checks amounting to P125,000 dated Dec. 30,2018 but unreleased as of Dec. 31,2018 - 750,000Savings deposit, earmarked for the acquisition of building which are expected to be disbursed within 6 months from reporting date - 600,000Cash surrender value - 50,000Cash set aside for payment of interests and dividends…
- On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against general checking account. On April 30, the funds contained the following:Currency and coins- P24,000Receipts for office supplies- P32,000Receipts for postage still unused- P16,000 Receipts for transportation- P4,800On April 30, the company write a check to replenish the fund.What is the amount of replenishment under the imprest fund system?.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 21,850,000Elegant Company's fiscal year ends on June 30. Its petty cash fund was established for an amount of P15,000. A surprise count of the fund on July 4, 2021 showed the following:Currencies - P5,600Coins - P450Paid vouchers of office supplies (dated July 2, 2021) - P1,550Paid vouchers for newspaper subscriptions for two weeks (dated June 29, 2021) - P300Loans to employees - P3,000Company check representing replenishment of the petty cash fund - P3,850What is the correct amount of the petty cash fund at June 30, 2021?
