Restricted foreign bank account (equivalent to pesos_ 1,000,000 IOU from eldest brother of Jonathan Fabian, the company controller 10,000 Listed stocks held as temporary investments 15,000 Payroll account 500,000
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A:
Restricted foreign bank account (equivalent to pesos_ 1,000,000
IOU from eldest brother of Jonathan Fabian, the company controller 10,000
Listed stocks held as temporary investments 15,000
Payroll account 500,000
Petty Cash fund (net of expense receipts pf P 6,000) 4,000
Additional information:
1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailed
to suppliers on January 5, 2021.
2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailed
on December 31, 2020.
3. Check of P 50,000 dated January 15, 2020 in payment of accounts payable was recorded and mailed
on January 15, 2020. As of the reporting period, the same has not been encashed by the payee and
still outstanding.
16. How much cash and cash equivalents should Amsterdam Corporation report on the December 31,
2020
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Solved in 2 steps
- A. The following pertains to Kerry Corporation on December 31, 2021: Postage stamps Credit memo from a vendor for a purchase return 500 10,000 (50,000) 1,000,000 2,000 500,000 5,000 Current account BPI Current account at Metrobank Employees postdated check Foreign bank account – restricted (in equivalent pesos) IOU from controller's sister Listed stock held as temporary investments Payroll account Petty cash fund (P2,000 in currency and expense receipts 5,000 for P3,000) Postal money order Traveler's check Treasury bills, due 1/31/2022 (purchased 01/31/2021) Treasury bills, due 3/31/2022 (purchased 12/31/2021) Treasury warrants 7,500 250,000 15,000 25,000 150,000 100,000 150,000 Additional information: Check of P100,000 drawn against Metrobank account in payment of accounts payable was recorded on December 31,2021 but mailed to suppliers on January 5,2022. Check of P50,000 drawn against Metrobank account dated January 15,2022 in payment of accounts payable was recorded and mailed on…Restricted foreign bank account (equivalent to pesos_ IOU from eldest brother of Jonathan Fabian, the company controller Listed stocks held as temporary investments Payroll account Petty Cash fund (net of expense receipts pf P 6,000) 1,000,000 10,000 15,000 500,000 4,000 Additional information: 1. Check of P 200,000 in payment of accounts payable was recorded December 31, 2020 but mailed to suppliers on January 5, 2021. 2. Check of P 100,000 dated January 5, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020. 3. Check of P 50,000 dated January 15, 2020 in payment of accounts payable was recorded and mailed on January 15, 2020. As of the reporting period, the same has not been encashed by the payee and still outstanding. 16. How much cash and cash equivalents should Amsterdam Corporation report on the December 31, 2020 statement of financial position?Chad Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…
- Chad Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…An 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?Epto Ergo’s bank statement from Crypto Bank at July 31, 2020, gives thefollowing information.Balance, July 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25Checks cleared in July 68,678 Service charge 50Bank credit memorandum: Balance, July 31 20,692Interest earned 45A summary of the Cash account in the ledger for July shows the following:balance, July 1, $18,700; receipts $74,000; disbursements $73,570;and balance, July 31, $19,130.Analysis reveals that the only reconciling items on the June 30 bank reconciliation were adeposit in transit for $4,800 and outstanding checks of $4,500. In addition, you determine thatthere was an error involving a company check drawn in July: A check for $400 to a creditor onaccount that cleared the bank in July was journalized and posted for $40.Instructionsa) Determine deposits in transit.b) Determine outstanding checks. (Hint: You need to correct disbursements for thecheck error.)c) Prepare a bank reconciliation at July…
- Bailey Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…ALEY Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…On December 31, 2020 LOL Co cash and cash equivalents account balance per ledger is as follows: 1. Demand deposit Demand deposit 2 with another bank Undeposited collections • Time deposit 30 days • NSF check customer 35-day money market placement due 1/28/2021 45 day commercial paper sdue 02/04/2021 • Savings deposit in a closed bank • IOU from an employee Preferred redemption fund P 2,200,000 (100,000) 300,000 500,000 20,000 300,000 80,000 50,000 20,000 100,000 Additional information includes a. Included in the demand deposit is a customer check at P200,000 dated January 19,2020. b. Customer's check of P50,000 is also included in the demand deposit dated Dec 31, 2019. The customer was informed that a new check will be issued in replacement but not yet done. c. Check of P70,000 was issued as of Dec 31, 2020 but yet to be mailed or delivered as of January 19, 2021. d. Check in payment of supplies for P60,000 was issued and recorded as of December 31,2020 but dated January 29,2021 What…
- Bank balance as per Cash book RO 25,000 Cheques deposited into bank but not credited up to December 31, 2018 is RO 8,900. Cheques issued but not presented for payment RO 12,500. Bank credited RO 6,000 for receiving dividend through Electronic Clearing System. Cheque book charges debited by Bank RO 400. The balance as per the Pass book is A) 28600 B) 30600 C) 29600 ) 21400.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 21,850,000At December 31, 2023, Blanco Company had the following balances in the accounts it maintains at Manila Bank: Checking account # 101 Checking account # 201 Time deposit account - 30 days 90-day treasury bill, due Mar. 1, 2024 Travel fund Cash in sinking fund 180-day treasury bill due Apr. 1, 2024 P2,000,000 (200,000) 350,000 400,000 125,000 500,000 875,000 Blanco Company classifies investments with original maturities of three months or less as cash equivalents. In its December 31, 2023 statement of financial position, what amount should Blanco Company report as cash and cash equivalents?
