FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Question
16. What is the adjusted cash balance on November 30, 2020?
17. What is the adjusted cash balance on December 31, 2020?
Transcribed Image Text:The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000
at December 31, 2020:
Cuay Corporation
BANK RECONCILIATION
November 30, 2020
P 435,000
Balance per bank statement
Less: Outstanding checks
Check No. 4321
P 6,000
15,000
Check No. 4329
Check No. 4340
1,700
Check No. 4341
4,675
27,375
P 407,625
16,200
P 423,825
Total
Add: Deposits in transit
Balance per books
CHECK REGISTER
December 2020
Vouchers
Date
Рayee
Check No.
Discount
Cash
Pаyable
P 10,000 P
4,200
3,755
12,000
96,000
6,300
14,200
7,000
10,000
98,000
P 9,500
4,200
3,755
11,880
96,000
6,300
14,058
7,000
10,000
98,000
Dec.
1
San Beda, Inc.
4342
500
3 Miriam Corporation
7
4343
4344
UE Enterprises
12 PSBA Corporation
15 Pаyroll
16 BU, Inc.
18 New Era Company
21 UST, Inc.
4345
120
4346
4347
4348
142
4349
22 Petty cash fund
28 Payroll
4350
4351
Total
P 261,455
762
P 260,693
Transcribed Image Text:BANK STATEMENT
Page 1 of 1
BANKABLE BANK
PERIOD: November 30, 2020 to December 31, 2020
No.: 001-43-44
Description
Balance last statement
Check No.
Date
Debit
Credit
Balance
P 435,000
451,200
436,200
426,700
422,025
471,025
466,825
480,825
477,070
381,070
371,070
273,070
272,070
273,620
Dec. 1 Cash deposit
P 16,200
1 Check issued
4 Check issued
P 15,000
9,500
4,675
4329
4342
4 Check issued
4341
5 Check deposit
6 Check issued
8 Check deposit
49,000
4343
4,200
14,000
3,755
96,000
10,000
98,000
1,000
10 Check issued
4344
15 Encashment
4346
22 Encashment
4350
28 Encashment
4351
29 Debit memo - BSC
29 Credit memo - interest
1,550
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following is an appropriate method of computing free cash fl ow to the fi rm? A . Add operating cash fl ows to capital expenditures and deduct after-tax interest payments.arrow_forwardQw.02. Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable Sales Cost of goods sold Accounts receivable Numerator: 2024: 2023: Numerator: 2024 $ 463,414 234,107 22,522 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? Numerator: I 1 1 1 Trend Percent for Net Sales: 2023 $ 306,897 155,099 17,861 1 1 1 I 1 2022 2021 $ 249,510 $ 175,095 128,255 89,348 10,226 17,042 Trend Percent for Cost of Goods Sold: Denominator: 2024: 2023: 2022: 2021: 2020: Is the trend percent for Cost of Goods Sold favourable or unfavourable? 7 Denominator: 7 1 Trend Percent for Accounts Receivable: Denominator: 2022: 2021: 2020: Is the trend percent for Accounts Receivable favourable or unfavourable? = E # = S U = E = = 2020 $ 129,700 64,850 8,871 Trend percent Trend percent Trend percent 1% %6 % % % % 196 196 56…arrow_forwardIn an inflationary period, what is the difference between (a) inflated dollars and “then-current” future dollars, and (b) “then-current” future dollars and constant-value future dollars?arrow_forward
- What are the Conditions for Accrual of Paid Future Absences?arrow_forwardWhat are three reasons that cash is worth more today than cash to be received in the future?arrow_forwardWhat is the estimated worth today of an amount of cash to be received (or paid) in the future called? contract value discount value premium value present valuearrow_forward
- Listen The future value of $100 deposited today (assuming positive interest rates and a time difference between the present and the future): 1) will always be less than $100. 2) will always be equal to $100. 3) will always be greater than $100. depending on the exact interest rate and on the precise amount of time difference between the present and the future, can be less than $100, greater than $100, or equal to $100. 5) None of the statements above are correct. 4)arrow_forward1) Find the PW, AW and FW of the following cashflow if the interest rate compound semiannually. P-7 i-10% --14%- Year $100 $100 S100 $100 $100 S160 S160 SIGDarrow_forwardIn 2018, the yen went from $0.00887619 to $0.00906626. • By how much did the yen appreciate against the dollar? • By how much has the dollar depreciated against the yen?arrow_forward
- What is George's monthly cash flow? (include negative sign if needed)arrow_forward82. In addition to the three basic financial statements, which of the following is also a required financial statement? A) the Statement of Cash Flows B) the "Cash Budget C) the Cash Reconciliation" D) the Statement of Cash Inflows and Outflowsarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education