College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 23, Problem 5CE
To determine
Compute the amount of cash and cash equivalents.
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A company's general ledger shows a cash balance of $4,570. Comparing the company's cash records with the monthly bank
statement reveals several additional cash transactions such as checks outstanding of $2,840, bank service fees of $180, and interest
earned of $24.
Calculate the correct balance of cash.
Cash balance
At year-end, Mariz Company reported cash and cash equivalent comprising: cash on hand P 500,000,
demand deposit P 4,000,000,
certificate of deposit P 2,000,000,
post dated customer’s check P 300,000,
petty cash fund P 50,000,
traveler’s check P 200,000,
managers check P100,000 and
money order P 150,000.
What amount of cash should be reported at year-end?
At year-end, Kyo Company reported cash and cash equivalents which comprised the following:
Cash on hand PhP 600,000
Demand deposit 3,000,000
Certificate of deposit 2,500,000
Postdated customer check 250,000
Petty cash fund 100,000
Traveler’s check 250,000
Manager’s check 150,000
Money order…
Chapter 23 Solutions
College Accounting, Chapters 1-27
Ch. 23 - True/False The purpose of the statement of cash...Ch. 23 - Investing activities are those transactions...Ch. 23 - An increase in accounts receivable is deducted...Ch. 23 - Prob. 4TFCh. 23 - Prob. 5TFCh. 23 - Prob. 1MCCh. 23 - Prob. 2MCCh. 23 - Prob. 3MCCh. 23 - Prob. 4MCCh. 23 - Prob. 5MC
Ch. 23 - Prob. 1CECh. 23 - Prob. 2CECh. 23 - Prob. 3CECh. 23 - Prob. 4CECh. 23 - Prob. 5CECh. 23 - Prob. 6CECh. 23 - Prob. 7CECh. 23 - Prob. 8CECh. 23 - Prob. 1RQCh. 23 - Prob. 2RQCh. 23 - Prob. 3RQCh. 23 - Prob. 4RQCh. 23 - Prob. 5RQCh. 23 - Prob. 6RQCh. 23 - Prob. 7RQCh. 23 - Prob. 8RQCh. 23 - Prob. 9RQCh. 23 - Prob. 10RQCh. 23 - Prob. 11RQCh. 23 - Prob. 12RQCh. 23 - Prob. 13RQCh. 23 - Prob. 14RQCh. 23 - Prob. 15RQCh. 23 - Prob. 16RQCh. 23 - Prob. 17RQCh. 23 - Prob. 18RQCh. 23 - Prob. 19RQCh. 23 - Prob. 20RQCh. 23 - Prob. 21RQCh. 23 - SERIES A EXERCISES IDENTIFICATION OF OPERATING,...Ch. 23 - CHANGE IN CASH AND CASH EQUIVALENTS Olsen Companys...Ch. 23 - Prob. 3SEACh. 23 - Prob. 4SEACh. 23 - GAINS AND LOSSES ON THE SALE OF LONG-TERM ASSETS...Ch. 23 - Prob. 6SEACh. 23 - Prob. 7SEACh. 23 - CASH PAID FOR INTEREST Ball Companys income...Ch. 23 - Prob. 9SPACh. 23 - Prob. 10SPACh. 23 - COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES Horn...Ch. 23 - EXPANDED STATE MENT OF CASH FLOWS Financial...Ch. 23 - Prob. 1SEBCh. 23 - Prob. 2SEBCh. 23 - Prob. 3SEBCh. 23 - Prob. 4SEBCh. 23 - Prob. 5SEBCh. 23 - Prob. 6SEBCh. 23 - Prob. 7SEBCh. 23 - Prob. 8SEBCh. 23 - Prob. 9SPBCh. 23 - Prob. 10SPBCh. 23 - COMPUTE CASH PROVIDED BY OPERATING ACTIVITIES...Ch. 23 - EXPANDED STATEMENT OF CASH FLOWS Financial...Ch. 23 - MANAGING YOUR WRITING Direct Method A friend of...Ch. 23 - MASTERY PROBLEM Financial statements for...Ch. 23 - CHALLENGE PROBLEM The long-term liabilities...
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- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750arrow_forwardWhat total amount should be reported as cash at year-end? Affable Company provided the following information at year-end comprising the cash account: 5,000,000 400,000 5,000 1,500,000 50,000 100,000 1,000,000 500,000 Cash in bank – demand deposit Cash on hand Postage stamps unused Certificate of time deposit Money order Manager's check Traveler's check Postdated customer checkarrow_forwardA company's general ledger shows a cash balance of $4,590. Comparing the company's cash records with the monthly bank statement reveals several additional cash transactions such as checks outstanding of $2,810, bank service fees of $170, and interest earned of $24. Required: Calculate the reconciled company's cash balance. Cash balancearrow_forward
- Sheridan Company has recorded the following items in its financial records. Cash in bank: Checking account Money market fund Payroll account Certificate of deposit (matures in 2 months) Certificate of deposit (matures in 12 months) Total cash in bank Cash in plant expansion fund Cash on hand Highly liquid investments Petty cash Receivables from customers Stock investments U.S Treasury bills $45,000 31.000 21,000 23,000 28,000 Cash and cash equivalents $ $148,000 138,000 29,000 48,000 2,100 117,000 79,000 38,000 The highly liquid investments had maturities of 3 months or less when they were purchased. The stock investments will be sold in the next 6 to 12 months. The plant expansion project will begin in 3 years. (a) What amount should Sheridan report as "Cash and cash equivalents" on its balance sheet?arrow_forwardPresented below are the amount entered in the cash receipts book and cash payments book respectively Cash Receipts Cash Payments May 3 225,000 Chk No. 0901 56,250 May 7 168,750 Chk No. 0902 94,500 May 8 146,250 Chk No. 0903 208,125 May 31 54,000 Chk No. 0904 72,000 Chk No. 0905 29,250 Note: In the bank statement, the P19,500 credit on Mar. 30 is a deposit of Hades Company erroneously recorded by the bank under the account of Sparta Company. Beginning cash balance per general ledger is P20,625. Required: 1. Prepare a bank reconciliation 2. Prepare the necessary adjusting journal entries.arrow_forwardAt year-end, Slamdunk Company reported cash and cash equivalents which comprised the following: Cash on hand PhP 600,000 Demand deposit 3,000,000 Certificate of deposit 2,500,000 Postdated customer check 250,000 Petty cash fund 100,000 Traveler’s check 250,000 Manager’s check…arrow_forward
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