ROK Company has a material bank overdraft of $2,000 in ABC Bank and $95,000 in XYZ bank. The bank overdraft in ABC bank should be: O reported as a deduction from the current asset section O reported as a deduction from cash. Onetted against cash and a net cash amount reported. O reported as a current liability.
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- King Burger Company provides the following information: account payable is OMR 100,000; bank overdraft is OMR 30,000; cash is OMR 16,000 and accrued expense is OMR 20,000. Calculate total current liability. O a. OMR 110,000 O b. OMR 150,000 O c. OMR 140,000 O d. OMR 130,000The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth P56,000.00 and outstanding check worth P12,000.00. The bank statement received from the bank shows that the interest income worth P37,000.00 was credited and the service charge of P19,000.00 was deducted. 1. How much is the unadjusted bank balance and how much is the adjusted balance for the period?An 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. 21,500,000
- While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25 collection fee. Which of the following shows the effect of this transaction on the financial statements? Assets = A. (25) B. 625 C. (25) D. 625 Multiple Choice Balance Sheet Liabilities + N/A N/A N/A N/A Option C Option B Option A Option D Stockholders Equity (25) 625 (25) 625 Revenue N/A 650 N/A 650 Income Statement Expense = Net Income Statement of Cash Flows 25 625 OA 25 650 OA 25 650 OA 25 625 OA (25) 625 (25) 625Which one of the following is classified as a cash or cash equivalent? Select one: a. Prepaid insurance b. Restricted bank account that cannot be used for operations c. Bank overdraft d. Government debt investment with 30 days to maturity e. Post-dated chequeSuppose you have a $10 bill in your pocket. How is this money counted in the Fed balance sheet? A. Asset B. The money does not appear on the Fed balance sheet C. Liability
- 6. Simon's Cash Book shows a DR balance of GH¢240, his bank statement shows an overdraft of GHE100. Upon thorough investigation by Simon, the following findings were made: i. Simon had omitted standing orders totalling GH¢175 and bapk charges of GH¢7 from his cash book. i. A cheque for GH¢76 from a debtor was dishonoured iii. Simon had transferred GH¢500 from his deposit account to his current account, but the bank had performed the reverse transfer iv. Simon had brought forward a total of GH¢2,154 on the receipts side of the cash book as GH ¢1,254 Outstanding cheques, excluding those written bank, totalled GH¢750 V. vi. Uncleared lodgements totalled GH¢724 vii. In the previous month, Simon had written back old cheques totalling GH¢34 without telling the bank that these were to be cancelled. One of these cheques, for GH¢8 was presented for payment and appeared on the bank statement. Required: Show the adjustments to be made to the cash book and produce a bank reconciliation statement.…54. CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth P56,000.00 and outstanding check worth P12,000.00. The bank statement received from the bank shows that the interest income worth P37,000.00 was credited and the service charge of P19,000.00 was deducted. Prepare the Statement of Reconciliation using Adjusted Balance Method.
- Please answer “True” or “False” and expain WHY to the following statements. Factoring is a method for companies with high risk accounts receivable to insure the receipt of at least some of the cash owed to them. Leasing is not considered a debt for balance sheet and liquidity purposes. A company with a liquidity covenant of $500,000 must maintain that amount of available cash at all times.Show how each of the following would initially affect a bank’s assets liabilities. Someone makes $1000 deposit into a checking account. A bank makes a loan of $1000 by establishing a checking account for $1000 The loan described in part (B) is spent. A bank must write off a loan because the borrower defaults.Select TWO true statements about money.a. Base money is equal to cash plus commercial bank reserves with the central bankb. Cash is a liability of the central bankc. If a commercial bank makes a loan and credits the borrower's current account, then base money increasesd. Commercial bank reserves with the central bank appear as a liability in their balance sheets