Cash on hand, including a customer check ₱100,000 dated January 31, 2021 ₱ 600,000 Cash in Bank of Lipa - current account 4,000,000 Cash in Bank of Lipa - savings account 2,650,000 Cash in Bank of Makati - savings account (450,000) Cash in bank – payroll account 1,000,000 Cash in bank – restricted account for plant addition 500,000 Cash in Sinking Fund 1,000,000 Three-month time deposit 900,000 Traveler’s check 200,000 Manager’s check 300,000 Money order

Cash on hand, including a customer check ₱100,000 dated January 31, 2021 ₱ 600,000 Cash in Bank of Lipa - current account 4,000,000 Cash in Bank of Lipa - savings account 2,650,000 Cash in Bank of Makati - savings account (450,000) Cash in bank – payroll account 1,000,000 Cash in bank – restricted account for plant addition 500,000 Cash in Sinking Fund 1,000,000 Three-month time deposit 900,000 Traveler’s check 200,000 Manager’s check 300,000 Money order

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 4.12C

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At December 31, 2023, Blanco Company had the following balances in the accounts it maintains at Manila Bank: Checking account # 101 Checking account # 201 Time deposit account - 30 days 90-day treasury bill, due Mar. 1, 2024 Travel fund Cash in sinking fund 180-day treasury bill due Apr. 1, 2024 P2,000,000 (200,000) 350,000 400,000 125,000 500,000 875,000 Blanco Company classifies investments with original maturities of three months or less as cash equivalents. In its December 31, 2023 statement of financial position, what amount should Blanco Company report as cash and cash equivalents?
11)The following data pertain to GHI Corporation on December 31, 2021: Traveler's check P50,000 Money order 20,000 Bank draft 10,000 Petty cash fund 4,000 Savings deposit in a closed bank 150,000 Current account at Bank of the Philippine Island 1,800,000 Current account at UCPB (100,000) Payroll account 500,000 Foreign bank account (in equivalent pesos) 800,000 Postage stamps 1,000 Employee's post-dated check 4,000 IOU from employees 10,000 Credit memo from a vendor for a purchase return 20,000 Pension fund 2,000,000 DAIF check of customer 15,000 Customer's check dated 1/10/22 80,000 Certificate of deposit - 30 days 200,000 Commercial paper (due in 9 months) 500,000 Treasury bills, due 3/31/22 (purchased 12/31/21) 200,000 Treasury bills, due 1/31/22 (purchased 2/1/21) 300,000 The cash and cash equivalents as of December 31, 2021 is:
India Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000 Petty Cash Fund 50,000 Security Bank current account 1,500,000 PNB current account 2,000,000 BDO current account (overdraft) ( 200,000) BSP treasury bill -120 days 3,000,000 BPI time deposit - 90 days 1,000,000 Bond Sinking Fund 2,500,000 PNB savings account (held as compensating balance-restricted) 500,000 The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January of 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021 The PNB saving account was restricted as compensating balance for two years due to a loan agreement entered by India Company to PNB. Requirements:…
On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the following: Undeposited collections PhP 500,000 Cash in bank – BDO checking account 3,000,000 Undeposited NSF check received from the customer, dated December 1, 2020 250,000 Undeposited check from a customer, dated January 15, 2021 400,000 Cash in bank – BDO fund for payroll 2,000,000 Cash in bank – BDO money market instrument, 90 days 3,000,000 Cash in foreign bank restricted…
paper, due 1/26/x2 150,000 180-day certificate of deposit, due 3/1/x2 Tax fund 80,000 56,000 235,000 Payroll fund Plant expansion fund Sinking fund Total Cash and Cash equivalents 198,034 467,000 9,055,458 What is the correct amount of Cash and Cash Equivalents to be reported in Paulaner Co.'s 20x1 statement of financial position? b. 8,310,424 a. 8,300,661 C. 8,380,661 d. 8,390,424 3. Athena Co. held the following items on Dec. 31, 20x1: Petty cash fund (currencies and coins, P6,000) 10,000 65,000 Cash on hand (per cash count sheet on Dec. 31, 20x1) Cash in bank (per ledger) 2,890,000 Customer's check #109 - dated Dec. 29, 20x1 190,000 Customer's check #392 - dated Jan. 8, 20x2 20,000 Athena Co.'s check #567 - dated Dec. 29, 20x1 54,000 NSF check (received from the bank on Dec. 30, 20x1) 40,000 All the checks were recorded when they were collected (drawn) by a debit (credit) to the Cash in bank account. The NSF* check was recorded when it was received from the customer. However, the…
Argentina Company reported the following accounts on Problem 1-2 (IAA) December 31, 2020: Cash on hand 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 Petty cash fund Security Bank current account PNB current account BDO current account (overdraft) BSP treasury bill-120 days BPI time deposit -90 days Bond sinking fund The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000 The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents. 19
PROBLEM 1 Argentina Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Security bank current account PNB current account BDO current account (overdraft) BSP treasury bill - 120 days BPI time deposit - 90 days Bond sinking fund P1,000,000 50,000 2,000,000 1,500,000 (200,000) 3,000,000 2,000,000 2,500,000 • The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. • The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. • The BPI time deposit is set aside for acquisition of land to be made in early January 2021. • The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents.
11. CPA Company’s “cash count” as of December 31, 2021, is composed of the following:· Cash on Hand- P500,000· Demand Deposit- P2,000,000· Time Deposit, 30 days- P1,000,000· NSF Check of customer- P40,000· Money market placement (due June 30, 2022)- P1,500,000· Savings Deposit in a closed bank- P100,000· IOU from employee- P20,000· Pension Fund- P3,000,000· Petty Cash Fund- P10,000· Customer’s Check dated January 1, 2022- P50,000· Customer’s Check outstanding for 18 months- P40,000· Unused credit line- P500, 000 Additional information:a. Check of P200, 000 in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.b. Check of P100, 000 dated January 15, 2022, in payment of accounts payable was recorded and mailed on December 31, 2021.c. The company uses the calendar year. The Cash Receipt Journal was held open until January 15, 2022, during which time P400, 000 was…
ALEY Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…
The "cash" account in Optimistic Co.'s ledger on December 31, 2020 showed a balance of P 4,905,000 which included the following: 100,000 Petty Cash Fund Undeposited receipts, including a post-dated customer check of P40,000 Cash in Bank per bank statement, with a check for 850,000 still outstanding Deposit in a bank closed by the Bangko Sentral ng Pilipinas Vouchers paid out of colleotions, not yet recorded 650,0po 3,500,000 500,000 150,000 5,000 1OUS signed by employees, taken from collections 4,905,000 At what amount should Optimistic Co. report as "cash" on December 31, 2020?
Let us assume that a bank acquired reserves and deposits equal to ₱1,000 with a required reserve of 10% as imposed by the central bank. Solve for the amount of money that the bank can lend, given the reserves that are legally required to support the ₱ 1,000 deposit and the money multiplier
Bailey Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD.…

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Cash on hand, including a customer check ₱100,000 dated January 31, 2021	₱ 600,000
Cash in Bank of Lipa - current account	4,000,000
Cash in Bank of Lipa - savings account	2,650,000
Cash in Bank of Makati - savings account	(450,000)
Cash in bank – payroll account	1,000,000
Cash in bank – restricted account for plant addition	500,000
Cash in Sinking Fund	1,000,000
Three-month time deposit	900,000
Traveler’s check	200,000
Manager’s check	300,000
Money order	75,000