XYZ Inc. has a balance of $ 270,000 cash in bank; restricted cash for plant expansion is $45.000; and a bank overdraft in an account at a different bank of S27,000. The amount of cash that should be reported by XYZ Inc. should be: O A. $72,000. B. $315,000. O C. $270,000. O D. None of the above amounts

XYZ Inc. has a balance of $ 270,000 cash in bank; restricted cash for plant expansion is $45.000; and a bank overdraft in an account at a different bank of S27,000. The amount of cash that should be reported by XYZ Inc. should be: O A. $72,000. B. $315,000. O C. $270,000. O D. None of the above amounts

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 5E

See similar textbooks

Similar questions

The 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: a.P174,500 b. P344,500 c. P395,000 d.P374,500
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.
The 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:
Blue Corporation requires a P150,000minimum cash balance on its:checkingaccount. Based on the control limit model, itsspread should be P120,000. If as of the end ofthe day, the cash balance is P30,000, it shouldinfuse cash or (invest in marketablesecurities) amounting to : a. 160,000b. 190,000c. 240,000d. 120,000
Kenya Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses P10,000 50,000 Notes receivable 4,000,000 Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 6,000,000 Inventory 3,000,000 Bond sinking fund 3,000,000 Total current assets P21,050,000 Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 P7,000,000 Notes payable 4,000,000 Bonds payable due June 30, 2020 3,000,000 Accrued expenses 2,000,000 Total current liabilities P16,000,000 What amount should be reported as total current assets on December 31, 2021?
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:
The cash book of Intan shows an overdraft balance of RM80,000 on the 31 January 20X1. The Bank Statement for 31 January 20X1 shows an overdraft balance of RM90,900. After examining the two, the following are found: Credit side of the cash book cast short – RM1,000 Premium on Life Insurance Policy paid on standing order – RM5,000 Cheque recorded for collection but not sent to the bank – RM10,000 Bank Charges recorded twice in the cash book – RM100 Customer’s cheque returned by the bank as dishonoured – RM4,000 Bill Receivable collected by the bank directly on the behalf of company – RM20,000 Cheque received entered twice in the cash book – RM6,000 Cheque issued but dishonoured on technical grounds – RM3,000 Cheques deposited into the bank of worth RM45,000 but RM8,000 cheque was not collected by bank Required: Prepare a Bank Reconciliation statement for the month of 31 January 20X1, after making the necessary adjustments to the cash book.
Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined: a. The cash balance per books is ₱280,000 while the cash balance per bank statement is ₱320,000. b. Credit memo – ₱20,000 c. Debit memo – ₱15,000d. Deposits in transit – ₱75,000 e. Outstanding checks – ₱25,000 f. The disbursements per books are overstated by ₱45,000. g. The bank debits are understated by ₱40,000. How much is the adjusted cash balance per bank?
The December 31, 2021 statement of financial position of PINK Company contained the following current assets: Cash and cash equivalents 2,400,525 Accounts receivable, net 1,775,500 Inventories 387,270 Prepaid expenses 500,000 An examination revealed that: • Cash-includes P200,000 set aside for plant expansion; cash in bank which is net of bank overdraft, P13,000; and petty cash fund which includes IOUs of employees, P1,500 Accounts receivable - includes accounts with credit balances of P25,000; and accounts for write off, P12,500 Inventories - includes goods held on consignment, P27,000; goods in transit to customers, FOB destination, 50,250 Prepaid expenses - consist of an insurance applicable for 6 months starting October 16, 2021, 80,000. How much should PINK report as current assets on December 31, 2021?
Tallent Corporation had the following account balances at December 31, Year 1: Cash on hand and in banks $975,000 Cash legally restricted for additions to plant (expected to be disbursed in Year 3) 600,000 Bank certificates of deposit (due February 1, Year 2, purchased September 1, Year 1) 250,000 In the current assets section of Tallent’s December 31, Year 1, balance sheet, what total amount should be reported under the caption "cash and cash equivalents"?
The cash account of the AA Corporation as of December 31, 2022 consists of the ff: On deposit in current account with BDO bank P900,000 Cash collection not yet deposited to the bank 350,000 A customer's check returned by the bank for insufficient fund 150,000 A check drawn by the Vice President of the Corporation dated January 15, 2023 70,000 A check drawn by a supplier dated December 28, 2022 for goods returned by the corporation 60,000 A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account 410,000 Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees’ I.O.U. s; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022 20,000…
The following data pertains to Blessed Trading on April 30:Correct cash balance in a general checking account with Banco de Bro - P322,000Overdraft in a special checking account with General Bank (Blessed Trading does not have another account with General Bank - P20,000Cash accumulated in a special fund that will be used for plant expansion in the following year - P150,000Cash surrender value of life insurance policy - P32,000Cash travel advances in the hands of sales personnel - P12,000Currency and coins in petty cash fund (the company has not replenished the fund to the imprest amount of P10,000) - P2,850How much cash should Blessed Trading report on April 30?