Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 16, Problem 9DQ
To determine
The reporting of borrowing of loan on the statement of
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At July 31, Sunland Company has the following bank information: cash balance per bank $8,380, outstanding checks $712, deposits in transit $1,211, and a bank service charge $26. Determine the adjusted cash balance per bank at July 31. What is the adjusted cash balance per bank?
How much is the adjusted book disbursements for June?
In connection with your examination, the ABC Company presented to you the following information regarding its Cash in Bank account for the month of June of the current year:
• Balance per bank statements: May 31, P1,250,000, and June 30, P1,350,000.
• Balances of cash in bank account in companys books: Moy 31, P1,251,000, and June 30, P1,051,000.
• Total charges in the bank statement during June were Pl,300,000.
• Undeposited receipts were: May 31, P200,000 and June 30, 53,000.
• Outstanding checks as of Moy 31, P150,000.
• Erroneous bank credits were: May 31, P45,000 and June 30, P17,000. • Erroneous bank charges were: May 31, P20,000 and June 30, P30,000.
• Collections by bank not recorded by Company were P125,000 in May and P150,000 in June.
• NSF not entered in company's books were: May 31, P110,000 and June 30, P75,000.
• Customer's check deposited in May amounting to P21,000 was erroneoushy entered in the books as P12,000.…
On June 3, a company borrows $200,000 cash by giving its bank a 90-day, interest-bearing note. On the statement of cash flows, where should this be reported?
Chapter 16 Solutions
Principles of Financial Accounting.
Ch. 16 - A company uses the indirect method to determine...Ch. 16 - Prob. 2MCQCh. 16 - Prob. 3MCQCh. 16 - Prob. 4MCQCh. 16 - The following information is available for a...Ch. 16 - Prob. 1DQCh. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - When a statement of cash flows is prepared using...
Ch. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 9DQCh. 16 - If a company reports positive net income for the...Ch. 16 - Prob. 11DQCh. 16 - Prob. 12DQCh. 16 - Prob. 13DQCh. 16 - Prob. 14DQCh. 16 - Prob. 15DQCh. 16 - Classify the following cash flows as either...Ch. 16 - Statement of cash flows Label the following...Ch. 16 - Prob. 3QSCh. 16 - Prob. 4QSCh. 16 - Prob. 5QSCh. 16 - Prob. 6QSCh. 16 - Prob. 7QSCh. 16 - Prob. 8QSCh. 16 - Prob. 9QSCh. 16 - The plant assets section of the comparative...Ch. 16 - Prob. 11QSCh. 16 - Prob. 12QSCh. 16 - Prob. 13QSCh. 16 - Prob. 14QSCh. 16 - Prob. 15QSCh. 16 - Prob. 16QSCh. 16 - Prob. 17QSCh. 16 - Prob. 18QSCh. 16 - Prob. 19QSCh. 16 - A company uses a spreadsheet to prepare its...Ch. 16 - Prob. 21QSCh. 16 - Bioware Co. reports cost of goods sold of 42,000....Ch. 16 - Prob. 23QSCh. 16 - Prob. 24QSCh. 16 - Refer to the data in QS 16-7. 1. How much cash is...Ch. 16 - Refer to the data in QS 16-7. 1. How much cash is...Ch. 16 - Prob. 27QSCh. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Fitz Company reports the following information....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Use the following information to determine cash...Ch. 16 - For each of the following separate transactions,...Ch. 16 - Prob. 11ECh. 16 - Use the following information to prepare a...Ch. 16 - Prob. 13ECh. 16 - Complete the following spreadsheet in preparation...Ch. 16 - Prob. 15ECh. 16 - Prob. 16ECh. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Use the following information about Ferron Company...Ch. 16 - Prob. 20ECh. 16 - Prob. 1APCh. 16 - Refer to the information in Problem 16-1A....Ch. 16 - Forten Companys current-year income statement,...Ch. 16 - Prob. 4APCh. 16 - Prob. 5APCh. 16 - Golden Corp.s current-year income statement,...Ch. 16 - Prob. 7APCh. 16 - Prob. 8APCh. 16 - Prob. 1BPCh. 16 - Prob. 2BPCh. 16 - Gazelle Corporations current-year income...Ch. 16 - Prob. 4BPCh. 16 - Prob. 5BPCh. 16 - Prob. 6BPCh. 16 - Prob. 7BPCh. 16 - Prob. 8BPCh. 16 - Prob. 16SPCh. 16 - Use Apples financial statements in Appendix A to...Ch. 16 - Prob. 2AACh. 16 - Prob. 3AACh. 16 - Prob. 1BTNCh. 16 - COMMUNICATING IN PRACTICE Your friend, Diana Wood,...Ch. 16 - Prob. 3BTNCh. 16 - Prob. 5BTNCh. 16 - Prob. 6BTN
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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
- A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expensearrow_forwardMing Company presented you the following information regarding its Cash in bank account for the monthof May of the current year:a) Balances per bank statements: April 30, P1,250,000 and May 31, P1,350,000b) Balances of cash in bank account in company’s books: April 30, P1,251,000 and May 31, 1,051,000c) Total charges in the bank statement during May were P1,300,000d) Undeposited receipts were: April 30, P200,000 and May 31, P153,000e) Outstanding checks as of April 30, P150,000f) Erroneous bank credits: April 30, P45,000 and May 31, P17,000g) Erroneous bank charge: April 30, P20,000 and May 31, P30,000h) Collection by the bank not yet recorded in the books were: April 30, P125,000 and P150,000 inMayi) NSF not entered in the books were: April 30, P110,000 and P75,000 in Mayj) Customer’s check deposited in April amounting to P21,000 was erroneously entered in the booksas P12,000. Assumed this was corrected in May.REQUIRED:a) How much were the cash disbursements per books in May and…arrow_forwardAt July 31, Vaughn Company has the following bank information: cash balance per bank $7,490, outstanding checks $712, deposits in transit $1,721, and a bank service charge $22.Determine the adjusted cash balance per bank at July 31. Adjusted cash balance per bank $arrow_forward
- At November 17, Icon Company has this bank information: cash balance per bank $6,950; outstanding checks $762; deposits in transit $1,700; and a bank service charge $20. Determine the adjusted cash balance per bank at August 31, 2010.arrow_forwardThe deposit in transit balance for the previous and current months are P200,000 and P100,000, respectively. If the total deposits acknowledged by the bank is P1,100,000 compute the book’s total deposits.arrow_forwardAt July 31, Sheffield Company has the following bank information: cash balance per bank $7,430, outstanding checks $702, deposits in transit $1,971, and a bank service charge $20.Determine the adjusted cash balance per bank at July 31.arrow_forward
- How much were the cash disbursement per books in June?In connection with your examination, the ABC Company presented to you the following information regarding its Cash in Bank account for the month of June of the current year: • Balance per bank statements: May 31, P1,250,000, and June 30, P1,350,000. • Balances of cash in bank account in companys books: Moy 31, P1,251,000, and June 30, P1,051,000. • Total charges in the bank statement during June were Pl,300,000. • Undeposited receipts were: May 31, P200,000 and June 30, 53,000. • Outstanding checks as of Moy 31, P150,000. • Erroneous bank credits were: May 31, P45,000 and June 30, P17,000. • Erroneous bank charges were: May 31, P20,000 and June 30, P30,000. • Collections by bank not recorded by Company were P125,000 in May and P150,000 in June. • NSF not entered in company's books were: May 31, P110,000 and June 30, P75,000. • Customer's check deposited in May amounting to P21,000 was erroneoushy entered in the books as P12,000.…arrow_forwardAt April 30, Mazaya Company Has the following bank information: cash balance per book $7200; outstanding checks $560; deposits in transit $1100; credit memo for interest $20; bank service charge $40. What is Mazaya's Adjusted cash balance on April 30?arrow_forwardThe Corporation, showed a cash balance per books of P120,655 on November 30, 2021. Upon preparing the bank reconciliation statement for the month of November, the accountant made the following compound journal entry to adjust the balance of cash to its correct balance.Dr. Cash in bank- P6,273 Dr. Accounts Receivable- P15,202 Dr. Miscellaneous Expense- P125 Cr. Notes Receivable -P20,000Cr. Interest Revenue- P1,600There were outstanding checks and undeposited collections amounting to P15,075 and P9,280, respectively on November 30. What was the bank statement balance on November 30, 2021?arrow_forward
- At July 31, Windsor, Inc. has the following bank information: cash balance per bank $8,070, outstanding checks $722, deposits in transit $1,481, and a bank service charge $24. Determine the adjusted cash balance per bank at July 31. Adjusted cash balance per bankarrow_forwardVKS Corporation, showed a cash balance per books of P120,655 on November 30, 2021. Upon preparing the bank reconciliation statement for the month of November, the accountant made the following compound journal entry to adjust the balance of cash to its correct balance.Dr. Cash in bank- P6,273 Dr. Accounts Receivable- P15,202 Dr. Miscellaneous Expense- P125 Cr. Notes Receivable -P20,000Cr. Interest Revenue- P1,600There were outstanding checks and undeposited collections amounting to P15,075 and P9,280, respectively on November 30. What was the bank statement balance on November 30, 2021?arrow_forwardHow much is the adjusted cash balance as of June 30? In connection with your examination, the ABC Company presented to you the following information regarding its Cash in Bank account for the month of June of the current year: • Balance per bank statements: May 31, P1,250,000, and June 30, P1,350,000. • Balances of cash in bank account in companys books: Moy 31, P1,251,000, and June 30, P1,051,000. • Total charges in the bank statement during June were Pl,300,000. • Undeposited receipts were: May 31, P200,000 and June 30, 53,000. • Outstanding checks as of Moy 31, P150,000. • Erroneous bank credits were: May 31, P45,000 and June 30, P17,000. • Erroneous bank charges were: May 31, P20,000 and June 30, P30,000. • Collections by bank not recorded by Company were P125,000 in May and P150,000 in June. • NSF not entered in company's books were: May 31, P110,000 and June 30, P75,000. • Customer's check deposited in May amounting to P21,000 was erroneoushy entered in the books as P12,000.…arrow_forward
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