PROBLEM 4: MULTIPLE CHOICE- COMPUTATIONAL 1. Dark Co.'s Dec. 31, 20x1 cash balance is P8,200,000 before possible adjustment for the following: Found in Dark's safe are the following: Customer check dated Jan. 8, 20x2 amounting to P82,000 Dark Co.'s own check, amounting to P40,000, drawn on Dec. 27, 20x1 and dated also as of that date. Bank draft received from a customer amounting to $53,000, initially recorded at the exchange rate of P52.50:$1. The bank draft is payable on demand upon presentation with the bank. The exchange rate on Dec. 31, 20x1 is P51.40:$1. i. ii. iii. Bond certificates totaling P200,000 and all maturing on February 14, 20x2. The bonds were acquired on Nov. 16, iv. 20x1 and were debited to the "Investments in Debt Securities" account. Included in the cash balance is a bank deposit amounting to P2,800,000, which includes a compensating balance of P900,000 that is legally restricted as to withdrawal.

PROBLEM 4: MULTIPLE CHOICE- COMPUTATIONAL 1. Dark Co.'s Dec. 31, 20x1 cash balance is P8,200,000 before possible adjustment for the following: Found in Dark's safe are the following: Customer check dated Jan. 8, 20x2 amounting to P82,000 Dark Co.'s own check, amounting to P40,000, drawn on Dec. 27, 20x1 and dated also as of that date. Bank draft received from a customer amounting to $53,000, initially recorded at the exchange rate of P52.50:$1. The bank draft is payable on demand upon presentation with the bank. The exchange rate on Dec. 31, 20x1 is P51.40:$1. i. ii. iii. Bond certificates totaling P200,000 and all maturing on February 14, 20x2. The bonds were acquired on Nov. 16, iv. 20x1 and were debited to the "Investments in Debt Securities" account. Included in the cash balance is a bank deposit amounting to P2,800,000, which includes a compensating balance of P900,000 that is legally restricted as to withdrawal.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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