Quickbooks Online Accounting
3rd Edition
ISBN: 9780357391693
Author: Owen
Publisher: Cengage
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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?
ABSB established a $100 petty cash fund on January 1, 2021. On January 31, the fund had a $24 cash balance and petty cash receipts for postage of $28, Office supplies $20, and delivery expense of $30. Prepare Journal Entries to establish the fund on January 1, and to replenish the fund on January 31, 2021
Define current assets. What basis is used for arranging individual items within the current assets section?
ABSB established a $100 petty cash fund on January 1, 2021. On January 31, the fund had a $24 cash balance and petty cash receipts for postage of $28, Office supplies $20, and delivery expense of $30. Prepare Journal Entries to establish the fund on January 1, and to replenish the fund on January 31, 2021
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- Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.arrow_forwardDetermining Cash Flows from Financing Activities Solomon Construction Company reported the following amount on its balance sheet at the end of 2019 and 2018 for notes payable: Required: 1. If Solomon did not repay any notes payable during 2019, determine how much cash Solomon received from the issuance of notes payable. 2. If Solomon repaid $40,000 of notes payable during 2019, determine what amounts Solomon would report in the financing activities section of the statement of cash flows.arrow_forwardOn December 31, 2019, Taehyung Company had the following cash balances: Cash in bank- P2,500,000 Petty Cash fund (all funds were reimbursed on 12/31/2019)- P150,000 Time deposit (start date: December 1, 2019 and due February 14, 2020)- P350,000 Cash in bank included P900,000 of compensating balance against short-term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal. In the December 31, 2019, statement of financial position, what total amount should be reported as cash and cash equivalents?arrow_forward
- 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…arrow_forwardTRESE 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?arrow_forwardAn entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank statement balance 4,000,000 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,000,000 Cash in sinking fund 1,500,000 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 2,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020?arrow_forward
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- The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?arrow_forward.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 21,850,000arrow_forwardThe check book balance of CCC Company on December 31,2020 was P4,000,000.Data about certain cash items follow. A customer amounting to P200,000 dated January 2,2021 was not included inthe December 31,2020 checkbook balance. Another customer check for P500,000 deposited on December 22,2020 wasincluded in its checkbook balance but returned by the bank forinsufficiency of fund. The check was deposited on January 5, 2021 andcleared two days. A P400,000 check payable to supplier dated and recorded on December30,2020 was mailed on January 16,2021. A petty cash fund of P50,000 with the following summary on December31,2020:Coins and Currencies 5,000Petty cash vouchers 43,000Return value of 20 cases of soft drinks 2,00050,000 A check of P43,000 was drawn on December 31,2020 payable to petty cash. The check book balance of CCC Company on December 31,2020 was P4,000,000.Data about certain cash items follow. A customer amounting to P200,000 dated January 2,2021 was not included inthe…arrow_forward
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