8. White ink Company reported a Cash and Cash Equivalent balance of P1,187,500 on December 31, 2022which consisted of the following:Petty cash fund (of which P390 is unreplenished vouchers for expenses; P75 is IOUnotes and remaining currencies and coins amounting to P1,900).2,500Cash in bank, general account A, net of P12,500 bank overdraft in the general payroll312,500account in a different bank.Cash on hand including customers' postdated checks of P3,250.12,500Cash in bank, Administrators payroll account, after checks amounting to P62,500dated December 31, 2022 but unreleased as of December 31, 2022.375,000Savings deposit, earmarked for the acquisition of building which are expected to bedisbursed within 6 months from reporting date.300,000Money Market instrument purchased on December 25, 2022 maturing on April 25,50,0002023.Cash in bank, General account B, including unrestricted compensating balances of135,000Р100,000.How much is the correct amount of Cash and Cash Equivalents to be shown in the Statement of FinancialPosition at December 31, 2022?А. 908,500B. 808,650C. 846,285D. 908,650

Cash & cash Equivalant as on 31st December 2022 is 1187500.

Answered: 8. White ink Company reported a Cash…

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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On May 31, Mason Company's cash balance per its general ledger is $4,830. The bank's cash balance per the May 31 bank statement is $3700. The following information is gathered from the bank statement and company records: Checks outstanding Deposits outstanding 1,900 1,600 Interest earned on bank account NSF check Service fee 70 1,300 200 What is the company's correct ending balance of cash on May 31, per the reconciliation? Multiple Choice $4,500 $4,530 $3,400
8. Liquid Corporation has supplied you with the following lists of its bank accounts and cash at December 31, 2017: Checking account (compensating balance of P15,000 with no restriction) Savings account, 3. 25% Certificate of deposit, 6 months, 10% due April 20,2018 Money market (30- day certificate), current rate 9.75% Payroll account Certificate of deposit, 2 years, 12% due February 15, 2018 Petty cash P 48,000 30,000 60,000 40,000 20,000 75,000 1,500 P274.000 The amount reported as Cash and cash equivalents as of December 31, 2017 should be -
A Company provided the following account balances on December 31, 2021:Accounts receivable P1,300,000 Allowance for bad debts 500,000 Financial assets at fair value through profit or loss400,000 Financial assets at amortized cost/held to maturity 1,100,000 Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000 Petty cash 10,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 1,100,000 Patent 300,000 Prepaid expenses 200,000 **Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should be
A Company provided the following account balances on December 31, 2021: Financial assets at FVTOCI 300,000 Cash in bank (net of bank overdraft of P100,000) 500,000 Petty cash fund 40,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Financial assets at amortized cost/held to maturity 600,000 Accounts receivable 2,100,000 Undeposited collections (including P10,000 customer’s check return, DAIF) 100,000 Allowance for uncollectible accounts 200,000 Trade installment accounts receivable, including P60,000 due after a year 145,000 Cash surrender value of life insurance 50,000 Prepaid expenses 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 700,000 Patent 300,000 Accumulated amortization 20,000 [Q2]: Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
The following information are available for ABC Corp at Dec 31: Cash in BDO, P100,000 (compensating balance is P25,000) Cash in BPI, (P2,000) Cash in Metrobank $2,000 Cash on hand, P6,000 (includes post dated check of P1,000) Change Fund P5,000 Petty Cash Fund, P3,000 (includes petty cash voucher of P500) Exchange rate is P48 : $1 How much is the cash balance at Dec 31? 100,000 207,500 208,500 209,500
VKS 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?
14 )
"3D Company" has the following balances: Cash in Bank – Saving account at bank of $102,000. Petty cash of $4,000, Post-dated checks of $18,000, Travel advances of $14,000, and Certificates of deposit of $560,000. In “3D Company" statement of financial position, how much should be reported cash and cash equivalent? a. $680,000. b. $138,000. c. $124,000. d. $106,000.
The following details are found in the incomplete bank reconciliation statement of Phillip Company for the month ended September 30, 2021: Notes receivable of the customer collected and deposited in the bank- 250,000 Service Charge- 35,000 Interest Income on Deposits- 25,000 Deposits in Transit- 250,000 Outstanding Checks- 350,000 Balance per cash ledger- 725,000 Check of Phillip erroneously charge by the bank to Phillipa - 57,800 What is the reconciled cash to be reported by Phillip Company?
The following details are found in the incomplete bank reconciliation statement of Phillip Company for the month ended September 30, 2021: Notes payable charged by the bank- 150,000 Service Charge- 35,000 Deposits in Transit- 250,000 Outstanding Checks- 350,000 Balance per bank statement- 325,000 Deposit erroneously recorded by Phillip as 37,500 instead of 57,800 What is the reconciled cash to be reported by Phillip Company?
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.

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