8:05 XilEditA. The following are information about Trixie's Sari-Sari Store:• On December 31, 2018, before Trixie closed the store for the night, she counted the contentof her cash box and found P657.50.Two of her regular customers gave the following checks to pay off their accounts:a. P1,650 check dated December 31, 2018.b. PI423 check dated January 5, 2019.There are two bank accounts in the name of the store with the following balances:a. Balance of the savings account on December 31, 2018 according to the passbook isP45,000.b. A time deposit certificate for P70,000 for 60 days.Compute for the following:1. How much is cash to be reported as of December 31, 2018?2. How much are cash and cash equivalent to be reported as of December 31, 2018?Inside the cash box are the following: two pleces of P1,000 bills, two pieces of P500 bills, threepieces of P200 bills, 14 pieces of P100 bills, 22 pieces of PS0.00 bills, and 52 pieces of P20.00 bils.There are no coins inside the box.Determine Monica's cash on hand.DenominationNumbers of PlecesPeso ValueP1,000P500P200P100P50.00P20.00Total cashThe company's cash balance on January 1, 20X2 was P115,400. During the year, the ownerMr. Bastian, used P25,000 from the company's bank account to pay for his personal expenses. Healso paid off P50,000 of the company's bank loan from ABC Bank. Cash sales for 20x2 amountedto 974,000 and credit sales reached P421,000. Total collections from receivables amounted toP415,000, The company paid P320,000 to their suppliers, P35,000 for utilities, and P32,000 forthe clerks'salariesHow much is cash to be reported as of December 31, 2018?CashDebitCreditDOToolsMobile ViewSharePDF to DOCEdit on PC 7. If material, deposits in foreign bank which are subject toforeign exchange restriction shall be classifieda. Separately as current asset, with appropriatedisclosure.b. Separately as noncurrent asset with appropria:edisclosure.c. Be written off as loss.d. As part of cash and cash equivalents.8. Bank overdraft generally should bea. Keported as a deduction from current assets.b. Reported as a deduction from cash.c. Netted against cash and a net cash amount reported.d. Reported as a current liability.9. What is a compensating balance?a. Saving account balanceb. Demand deposit account balancee. Temporary investment serving as collateral foroutstanding loand. Minimum deposit required to he maintained inconnection with a borrowing arrangement10. A compensating balancea. Must be included in cash and cash equivalent.b. Which is legally restricted and related to a long termloan is classified as current assetc. Which is legally restricted and related to a short-termloan is classified separately as current asset.d. Which is not legally restricted as to withdrawal isclassified separately as current asset.On May 15, 2015, the Guzon Book Distributors acquired for resale books on accountwith a list price of P108,000. Butuan Publishing, the supplier, allowed a 15% tradediscount as well as credit terms of 2/10, n/30. Guzon paid the invoice in full on May 20,2015.Required:Prepare the journal entries for Guzon Book Distributors.

The answer is stated below: Note: Answering the first question as there are multiple…

Inside the cash box are the following: two pieces of P1,000 bills, two pieces of P500 bills,til pieces of P200 bills, 14 pieces of P100 bills, 22 pleces of P50.00 bills, and 52 pieces of P20.00 There are no coins inside the box. Determine Monica's cash on hand. Denomination Numbers of Places Peso Value P1,000 P500 P200 P100 P50.00

Inside the cash box are the following: two pieces of P1,000 bills, two pieces of P500 bills,til pieces of P200 bills, 14 pieces of P100 bills, 22 pleces of P50.00 bills, and 52 pieces of P20.00 There are no coins inside the box. Determine Monica's cash on hand. Denomination Numbers of Places Peso Value P1,000 P500 P200 P100 P50.00

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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