EBK INTERMEDIATE ACCOUNTING
3rd Edition
ISBN: 9780136946465
Author: SANNELLA
Publisher: VST
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Chapter 9, Problem 9.1E
To determine
To prepare: The
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Dapitan Company had the following account balances at December 31, 2023:
Cash in bank
Cash on hand
Cash legally restricted for addition to plant and expected to be disbursed in 2024
P2,500,000
10,000
1,500,000
Cash in bank includes P200,000 compensating balances against short-term borrowing arrangements. The
compensating balances are not legally restricted as to withdrawal by Dapitan Company.
In the current assets section of Dapitan Co.'s December 31, 2023 statement of financial position, how
should be reported as cash?
Burr Company had the following account balances at December
31, 1998:
Cash in bank
Cash on hand
Cash legally restricted for additions to plant
(expected to be disbursed in 1999)
2,250,000
125,000
1,600,000
Cash in bank includes P600,000 of compensating balance against
short-term borrowing arrangement. The compensating balance
s-not legally restricted as to withdrawal by Burr. In the current
assets section of Burr's December 31, 1998 balance sheet, total
cash should be reported at
Safari Company has a balance of P100,000 in cash & cash equivalents account as of December 31, 2022.
The following items were found to be included in this balance.
a. Compensating balance of P5,000 which is legally restricted as to withdrawal
b. A negative bank balance of P10,000 from one of its bank accounts from just one bank.
c. Plant expansion fund of P25,000 which is expected to be used on January 3, 2023.
d. A certified check received from one customer last March 24, 2022.
How much is the cash and cash equivalents to be presented in the 2022 Financial Statements?
Chapter 9 Solutions
EBK INTERMEDIATE ACCOUNTING
Ch. 9 - Prob. 9.1QCh. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3QCh. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...
Ch. 9 - What do firms use to record the sales value of a...Ch. 9 - Explain why a company must have highly effective...Ch. 9 - The following are held by YRT Corporation at...Ch. 9 - Fernandez Company had an accounts receivable...Ch. 9 - On its December 31, Year 2, balance sheet, Red...Ch. 9 - Stanberry Company sold 500,000 of net accounts...Ch. 9 - On November 30, Year 1, Derin Corporation agreed...Ch. 9 - Which of the following disclosures about accounts...Ch. 9 - Prob. 9.1BECh. 9 - Prob. 9.2BECh. 9 - Prob. 9.3BECh. 9 - Prob. 9.4BECh. 9 - Prob. 9.5BECh. 9 - Sales Discounts, Most-Likely-Amount Method. On...Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Write-Off....Ch. 9 - Allowance for Uncollectible Accounts, Recovery....Ch. 9 - Bad Debt Expense, Journal Entry. Paul Anchor...Ch. 9 - Bad Debt Expense. Journal Entry. Paul Anchor,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.14BECh. 9 - Prob. 9.15BECh. 9 - Assigned Receivables. Using the information...Ch. 9 - Factoring Receivables without Recourse. Nicks...Ch. 9 - Prob. 9.18BECh. 9 - Prob. 9.19BECh. 9 - Prob. 9.20BECh. 9 - Prob. 9.21BECh. 9 - Prob. 9.22BECh. 9 - Internal Controls. Identify whether the following...Ch. 9 - Prob. 9.24BECh. 9 - Prob. 9.25BECh. 9 - Prob. 9.26BECh. 9 - Prob. 9.27BECh. 9 - Prob. 9.28BECh. 9 - Prob. 9.1ECh. 9 - Volume Discounts, Sales Discounts. Sodesta Company...Ch. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Write-Offs, Journal Entry....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Bad Debt Expense, Percentage of Accounts...Ch. 9 - Prob. 9.9ECh. 9 - Assigning Receivables, Factoring Receivables....Ch. 9 - Prob. 9.11ECh. 9 - Factoring Receivables with and without Recourse....Ch. 9 - Factoring Receivables without Recourse, Factoring...Ch. 9 - Prob. 9.14ECh. 9 - Prob. 9.15ECh. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Prob. 9.18ECh. 9 - Allowance for Uncollectible Accounts, Journal...Ch. 9 - Prob. 9.2PCh. 9 - Prob. 9.3PCh. 9 - Prob. 9.4PCh. 9 - Bad Debt Expense, Aging of Accounts Receivable....Ch. 9 - Bad Debt Expense, Aging of Accounts Receivable,...Ch. 9 - Prob. 9.7PCh. 9 - Prob. 9.8PCh. 9 - Aging of Accounts Receivable, Write-Offs,...Ch. 9 - Disclosure. Using the transactions listed in P9-9,...Ch. 9 - Prob. 9.11PCh. 9 - Prob. 1JCCh. 9 - Prob. 1FSCCh. 9 - Prob. 1SSCCh. 9 - Surfing the Standards Case 2: Costs Associated...Ch. 9 - Prob. 1BCC
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Similar questions
- Laborious Company closed the accounts on June 30. The entity provided the following transactions: Problem 1-7 (IAA) Laborious Company closed the accounts on June 30. The May 2 The entity established an imprest fund of P10,000. 29 The fund is replenished. The petty cash items include: Currency and coin Postage Supplies Transportation Miscellaneous expense 2,000 1,000 3,000 2,500 1,500 June 30 The fund was not replenished. The fund is composed of the following: Currency and coin Supplies Postage Transportation 6,000 2,000 1,000 1,000 July 15 The fund is replenished and increased to P15,000. Currency and coin Supplies Postage Transportation Miscellaneous expense 3,000 3,500 1,500 1,500 500 Required: Prepare journal entries to record the transactions under imprest fund system and fluctuating fund system.arrow_forwardThe 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:arrow_forwardc. Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Disregard the date.) Date Description Date d. The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Disregard the date.) Description Debit Debit Credit Creditarrow_forward
- Maria Clara Company has a balance of P100,000 in cash & cash equivalents account as of December 31, 2023. The following items were found to be included in this balance. a. Compensating balance of P5,000 which is legally restricted as to withdrawal b. A negative bank balance of P10,000 from one of its bank accounts from just one bank. c. Plant expansion fund of P25,000 which is expected to be used on January 3, 2024. d. A certified check received from one customer last March 24, 2023. How much is the cash and cash equivalents to be presented in the 2023 Financial Statements?arrow_forwardAn entity provided the following information on Decemnber 31, 2021: 4,000,000 8,000,000 Cash in bank Accounts receivable Allowance for doubtful accounts 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 2,000,000 Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3,.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. What amount should be reported as total current assets on December 31, 2021? a. 20,400,000 )b. 20,250,000 O c. 20,900,000 O d. 21,500,000arrow_forwardVKS Company has the following selected accounts with unadjusted balances:· Cash on petty cash fund (including unreplenished expenses with supporting receipts of P12,000)- P75,000· Cash in bank (net of P21,000 account with BPI which has a credit balance due to overdrawn checks)- P245,000· Checks issued (post-dated as of year-end)- P155,000· Checks prepared, recorded but was not delivered to vendor- P120,000 Assuming no other cash items are on hand nor pending clearing and that the post-dated check was not deposit until it was ready for credit with the bank, how much should be included as cash and cash equivalent in the statement of financial position to be presented as of year end?arrow_forward
- Greenfield Company had the following cash balances at December 31, 2019: Cash in banks includes $300,000 of compensating balances against short-term borrowing arrangements at December 31, 2019. The compensatingbalances are not legally restricted as to withdrawal by Greenfield. In thecurrent assets section of Green-field's December 31, 2019, balance sheet,what total amount should be reported as cash?a. $1,020,000b. $1,320,000c. $3,020,000d. $3,320,000arrow_forwardQuart Company had the following account balances at December 31, 2021:Cash in banks - P2,250,000*Cash on hand - P125,000Cash legally restricted for additions to plant (expected to be disbursed in 2022) - P1,600,000*Cash in banks include P500,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Quart.How much is the total cash reported under current assets in Quart Company's December 31, 2021 statement of financial position?arrow_forwardof Tawiran Company consists of: 15,000 Bond sinking fund cash Checking account in FEBTC (A P3,200 check is still outstanding per bank statement) Currency and coins awaiting deposit Deposit in a bank closed by BSP Petty cash fund (of which P250 in is the form of paid vouchers) Receivables from officers and employees 31,550 11,350 10,000 1,000 1,250 70,150 The correct cash balance for the balance sheet isarrow_forward
- While examining cash receipts information, the accounting department determined the following information: opening cash balance $162, cash on hand $1,215.80, and cash sales per register tape $1,067.71. Prepare a tabular analysis of the required adjustment based upon the cash count sheet. (Ifa transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Assets Liabilities Stockholders' Equity Cash Revenues Expensesarrow_forward44. On December 31, 2019, Cherry Company had the following cash balances: Cash in Bank 3,000,000 20,000 500,000 Petty cash fund (unreplenished expenses, P5,000 on 12/31/19) Time deposit, due March 1, 2020, six months Cash in bank included P200,000 of compensating balance against short term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal of Cherry. In the correct assets section of the December 31,2019 balance sheet what total amount should be reported as cash and cash equivalents? A. P3,315,000 B. P3,320,000 C. P2,815,000 D. P2,820,000arrow_forwardd. The company collects Y5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c.). Prepare the journal entry(ies) necessary to restore the account and record the cash collection.arrow_forward
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