Mr. Lim started the business a small groceries shop during the year. He is seeking your help to determine the financial results for the year ended 31.12.2020 with the following information extracted from the cash flows record: Opening Bank Inflows: 2,000 Capital 10,000 Cash Sales 30,000 Trable receivable 125,000 165,000 167,000 Outflows: Wages and Salaries 45,000 Rental 18,000 Suppliers 65,000 Office equipment 10,000 (138,000) Closing Cash 29,000 Additional information at the year end: 1. Closing inventory amounted to $8,000. 2. Wages owed amounted to $5,000. 3. Amount of $6,000 still owed to suppliers and amount of $4,000 not yet collected from customers. 4. Mr. Lim intends to use the office equipment for 5 years without any future scrap value. Required: Based on the information above, draft a Statement of Income for the year ended 31.12.2020 for Mr Lim.
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- Ms. Arzel opened the The Baker's Box with cash investment of P200,000 on July 06, 2020. She opened a Checking Account with initial deposit of P65,000 at BDO. At the end of July 31, the ending balance of the account is P88,945. On Sept. 07, Ms. Arzel received the bank statement for the month of August. Below is a copy of the bank statement and the records of The Baker's Box of the Checking Account No. 88888. BDO Bank Statement Customer: The Baker's Box Address: Dasmarinas Account No.: 88888 Period: August 01 - 31, 2020 Date Check No. Amount Deposit Balance 1-Aug Balance 2-Aug 88,945 88,545 88,200 522 400 The Baker's Box 2-Aug 523 345 Per General Ledger: 3-Aug 5-Aug 6-Aug 2,874 91,074 Cash in Bank, Account No. 88888 526 15,788 7,932 75,286 Beg. balance 3-Aug 10-Aug 528 67,354 88,945 2-Aug 522 400 2-Aug 523 3-Aug 524 3-Aug 525 3-Aug 526 15,788 5-Aug 527 5-Aug 528 5-Aug 529 5-Aug 530 5-Aug 531 14-Aug 532 14-Aug 533 21-Aug 534 21-Aug 535 28-Aug 536 28-Aug 537 28-Aug 538 2,874 345 10-Aug…you were provided with the December 31, 2023 balance of the cash and cash equivalents account for Burberry Company and your review revealed the following compositions: Change fund P30,000Petty cash fund (P3,000 expense vouchers, P2,000 employee IOU) 20,000Cash in bank 8,000,000 Cash on hand (included a check amounting to P150,000. payable to Burberry dated January 1, 2024 and two checks amounting to P100,000 and P100,000 payable to Burberry dated November 30, 2023 and April 30, 2023, respectively) 550,000Treasury bills - 45 days 500,000 Pension fund…Scan House, Inc. prepares financial records during the year on a cash basis. As the newly appointed controller, you have been asked to prepare the annual financial statement on an accrual basis. The following cash flows occurred during the year ended December 31, 2020: Cash receipts:From customers $765,000Interest on note 3,000Loan from a local bank 200,000Total cash receipts $968,000Cash disbursements:Purchase of merchandise $450,000Annual insurance payment 12,000Payment of salaries and wages 250,000Dividends paid to shareholders 25,000Annual rent payment 36,000Total cash disbursements $773,000 Selected balance sheet information: 12/31/19 12/31/20Cash $25,000 $220,000Accounts receivable 62,000 115,000Inventory 80,000 50,000Prepaid insurance 2,500…
- Your friend Steve comes to you for help in preparing his bank reconciliation for his company Steve’s Electronic Shop inc. (“SES”) at the end of the first month of operation in June 2019: He provides you with the following information: Opening Book balance of: $12,423.21 Balance on the June 30th bank statement: $17,743.96 SES pays utilities and Insurance through Electronic Funds Transfers (EFT). For the month of June, the payments were respectively $328 and $145. Steve prepared the June 30th deposit of $1,872 but didn’t make it in time for the bank to record it in June Bank service charge for June was $12.50 Interest earned on checking account for June was $25 and automatically deposited The bank statement shows a deposit of $423 that SES didn’t make. After a call to the Bank Manager, she apologized and told John the error would be corrected in July The following cheques are outstanding as at June 30th: Cheque # Payee Amount 745 Landlord $ 2,100.00 751…Below are the account balances prepared by the bookkeeper for Torres Company as of December 31, 2021: CashAccts receivable, net Php1,765,000 930,007 Inventories 750,000 Investments, cost 763,000 Additional information: a. Included in the cash account are the following: compensating cash fund legally restricted for withdrawal of P300,000; Cash for the retirement of bonds payable of P600,000; Contingency fund of P500,000; Three-months money market funds of P250,000; short term operating funds of P50,000; currencies and coins on hand in various denominations, P65,000. b. The receivable includes, among others; Customers’ account with credit balance of P45,000; Share subscription receivable of P100,000 collectibles within two years from initial recognition. Shares were originally subscribed on June 2, 2020. Also, it included a P600,000 (which had been past due for 6 months) charged to the account of an officer who at the moment is experiencing financial…The statement of financial position of the Money Company on December 31, 2020 shows cash of P330,820. Thefollowing items were found to comprise this total amount: Checking account in Metrobank, (outstanding check As of year-end totaled P15,200) P105,200 Savings account at Far East Bank 30,800 Petty cash fund (including expense receipts for 250) 1,500 Cash on Hand (undeposited sales receipts) 4,200 Sinking fund cash 35,000 Cash in foreign bank (in equivalent pesos) 65,000 Customers' check on hand: Traveler's check 14,000 Manager's check 23,120 Short-term treasury bills 52,000 Money Company also has on hand a check payable to supplier amounting to P62,000, which has been recorded in the cash disbursement journal in December. REQUIRED: What is the correct amount of cash?
- The breakdown of the Cash and Cash Equivalents account of C Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…TRESE Co. provided the following information about the composition of its cash on December 31. 2020: · Commercial savings account of P600,000 and a commercial checking account balance of P900,000 are held at BPI. · Money market fund account held by Citibank that permits Eastern to write checks in this balance, P5,000,000. · Travel advances of P180,000 for executive travel for the first quarter of next year (employee to pay through salary deduction) · A separate cash fund in the amount of P1,500,000 is restricted for the retirement of long-term assets. · Petty cash fund, P10,000 What is the correct amount of cash and cash equivalents TRESE Company should report in its December 31, 2020 statement of financial position?
- The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…In your audit of the cash and cash equivalents account of a Corporation, you noted a balance of P6,869,000 on December 31, 2019. The following breakdown was provided Cash on Hand BPI Savings Account P200,000 1,986,000 BPI Current Account BDO Current Account #001 (86,000) 1,190,000 BDO Current Account #001 (16,000) MB Current Account (50,000) PNB Time Deposit- 60 days 500,000 Foreign Bank Account- DDB 200,000 Foreign Bank Account- UAB 230,000 BDI Savings Account 10,000 Bond Sinking Fund 500,000 Petty Cash Fund 20,000 Dividend Fund 350,000 Payroll Fund 650,000 IOU from Employees 30,000 Treasury Bill acquired last Aug 4, 2019 150,000 Treasury Bill acquired last Nov 18, 2019 130,000 Investment in Debt Securities acquired last Oct. 30, 2016 70,000 Investment in Equity Securities 800,000 Postage Stamps 5,000 Additional Information regarding your audit are as follows: Cash on hand…The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…