he statement of financial position of CPA Company dated October 31,2021, shows cash of P2,177,870. The following items were found to comprise this amount: Cash in Metrobank, (outstanding checks as of year-end totaled P50,200)-P290,320; Petty cash fund (including expense receipts of P2,500)-P15,000; Undeposited sales receipts -P47,200; Sinking
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- The statement of financial position of the Company dated October 31,2021, shows cash of P2,177,870. The following items were found to comprise this amount: Cash in Metrobank, (outstanding checks as of year-end totaled P50,200)-P290,320; Petty cash fund (including expense receipts of P2,500)-P15,000; Undeposited sales receipts -P47,200; Sinking fund cash – P500,000; Cash surrender value of life insurance policy –P800,000; Cash in foreign bank (in equivalent pesos) - P250,000; Cash travel advances in the hands of sales personnel-P25,000; Customer’s check on hand: Traveler’s check – P14,450; Customer’s check dated November 3, 2021- P7,400; Manager’s check- P8,500; 120-day BSP Treasury bills- P120,000; 90 day, BSP treasury bills – P100,000. What is the company’s correct amount of cash and cash equivalents on October 31, 2021?The statement of financial position of VKS Company dated October 31,2021, shows cash of P2,177,870. The following items were found to comprise this amount: Cash in Bank1, (outstanding checks as of year-end totaled P50,200)-P290,320; Petty cash fund (including expense receipts of P2,500)-P15,000; Undeposited sales receipts -P47,200; Sinking fund cash – P500,000; Cash surrender value of life insurance policy –P800,000; Cash in foreign bank (in equivalent pesos) - P250,000; Cash travel advances in the hands of sales personnel-P25,000; Customer’s check on hand: Traveler’s check – P14,450; Customer’s check dated November 3, 2021- P7,400; Manager’s check- P8,500; 120-day BSP Treasury bills- P120,000; 90 day, BSP treasury bills – P100,000. What is VKS's correct amount of cash and cash equivalents on October 31, 2021?6. Following information pertains to the Cash in Bank account of CPA Company for the month of April 2021:1. Balances per bank statement March 31, P21,560, and April 30, P23,040.2. Balances of Cash in Bank account in Company's books: March 31, P16,545, and April 30, P22,860.3. Total receipts per books were P222,190 of which P1,210 was paid in cash to a creditor on April 16.4. Total charges in the bank statement during April were P218,970.5. Undeposited receipts were: March 31, P9,060 and April 30, P10,120.6. Outstanding checks were: March 1, P2,675 and April 30, P1,930, of which a check for P500 was certified by the bank April 22.7. NSF check returned, recorded as reductions of cash receipts, were: a. Returned by Bank in April, recorded also in April, P1,040 b. Returned by Bank in April but recorded in May, P860.8. Collections by Bank not recorded by company were P12,150 in March, and P11,640 in April.9. Bank service charges not entered in company's books were: Marc 31, P750, and…
- The following information relates to M Park Corporation for the month of March 2022:1. Cash balance per books, March 31 was $20,647.002. Deposits in transit, March 31 were $8,140.003. The March bank service charge was $34.00 and has not been recorded by the company.4. Outstanding checks, March 31 were $3,905.005. An electronic funds transfer (EFT) collected by the bank was $590. The collection has not been recorded by M Park Corporation.6. The bank made an error and recorded a $3,000 deposit twice.7. Cash balance per bank, March 31 was $19,968.00 After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st. Reconcile the cash balance per the bank first and list items that increase the cash balance first. Also, round amounts to two decimal places.Following information pertains to the Cash in Bank account of VKS Company for the month of April 2021:1. Balances per bank statement March 31, P21,560, and April 30, P23,040.2. Balances of Cash in Bank account in Company's books: March 31, P16,545, and April 30, P22,860.3. Total receipts per books were P222,190 of which P1,210 was paid in cash to a creditor on April 16.4. Total charges in the bank statement during April were P218,970.5. Undeposited receipts were: March 31, P9,060 and April 30, P10,120.6. Outstanding checks were: March 1, P2,675 and April 30, P1,930, of which a check for P500 was certified by the bank April 22.7. NSF check returned, recorded as reductions of cash receipts, were: a. Returned by Bank in April, recorded also in April, P1,040 b. Returned by Bank in April but recorded in May, P860.8. Collections by Bank not recorded by company were P12,150 in March, and P11,640 in April.9. Bank service charges not entered in company's books were: Marc 31, P750, and…49. The accountant of Jepjep Holdings presented the following account balances as of December 31, 2021: Cash in bank – Checking,P2,600,000Cash in bank - Savings, P700,000 Cash on hand, P300,000 Cash in bank – restricted, P2,000,000 Treasury bills, P3,000,000 The restricted cash in bank account is opened specifically for building construction expected to be disbursed in Q1 2022. The cash on hand includes a P100,000 check payable to Jepjep, dated January 5, 2022. The Treasury bills are purchased December 1, 2021 and due on February 28, 2022. If you are the Accountant of Jepjep Holdings, what amount of "cash and cash equivalents" should be reported as of December 31, 2021?
- The June 30, 2022 statement of financial position of Red Corporation shows a cash balance of P1,350,700. Included in the said amount were the following items: Petty cash fund (including expense receipts of P3,150)-P5,000; Sinking fund cash-P350,000; Payroll fund maintained with Metrobank- P275,000 ; Savings account at Banco de Oro-P120,800; Un-deposited collections P36,420; Cash in foreign bank (in equivalent pesos)-P72,000; Customer’s check on hand: Traveler’s check-P40,450; certified check-P17,120; customer’s check dated July 10, 2022, P26,450; 90-day BSP treasury bonds- P 150,000; 120-day BSP treasury bills-P250,000. What is the correct amount of cash and cash equivalents of Red Corporation at June 30, 2022? P997,550 P750,700 P725,700 P721,10035. The balance sheet of Longgan Company showed a cash balance of P91,750. An examination of the books disclosed the following: Cash sales of P 12,000 from Jan. 1 to 7, 2020 were predated as of Dec. 28 to 31, 2019 and charged to the cash account. Customer's checks totaling P 4,500 deposited with and returned by the bank marked "NSF" on Dec. 27, 2019 were not recorded on the books. Checks of P5,600 in payment of liabilities were prepared before Dec. 31, 2019 and recorded in the books but withheld by the treasurer. Post-dated checks totaling P 3,400 are being held by the cashier as part of Cash. The company's experience shows that post-dated checks are eventually realized. The cash account includes P 20,000 being reserved for the purchase of minicomputer which will be delivered soon. Personal check of officers, P 2,700 were "redeemed" on Dec. 31, 2019, but returned to the cashier on Jan. 2, 2020. How much is the cash balance that should be shown in the Dec. 31, 2019 balance sheet? A. P…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…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…