What is the total amount that Gema Company should report as “cash and cash equivalents” in the current assets section of the statement of financial position on December 31, 2020?
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What is the total amount that Gema Company should report as “cash and cash equivalents” in the current
assets section of the
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- .On December 31, 2021, Alfonso Company had the following cash balances:Cash in bank, 15,000,000Petty cash fund, 50,000Time deposit 5,000,000Savings deposit 2,000,000Cash in bank includes P500,000 of compensating balance against short term borrowing arrangement at December 31, 2021. The compensating balance is legally restricted as to withdrawal by Alfonso. A check of P300,000 dated January 15, 2022 in payment of accounts payable was recorded and mailed on December 31, 2021. In the current assets section of the December 31, 2021 statement of financial position, what amount should be reported as “cash and cash equivalents”? 14,850,000 16,850,000 21,800,000 21,850,000The "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?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…
- On December 31, 2019, Taehyung Company had the following cash balances: Cash in bank- P2,500,000 Petty Cash fund (all funds were reimbursed on 12/31/2019)- P150,000 Time deposit (start date: December 1, 2019 and due February 14, 2020)- P350,000 Cash in bank included P900,000 of compensating balance against short-term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal. In the December 31, 2019, statement of financial position, what total amount should be reported as cash and cash equivalents?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. 19Mickey Mouse Corporation reported total cash and cash equivalent of P5,500,000 on December 31, 2021 include the following information:a. Two certificates of deposits, each totaling P500,000. One certificate having a maturity of 120 days and other certificate having a maturity of 90 days. b. A check that is dated January 3,2022 in the amount of P250,000.c. A check that is yet to deliver to the payee until December 31, 2021 amounting to P350,000.d. Currency and coins in hand amounted to P10,500.e. Check payable to Mickey Mouse Corporation amounting to P100,000 was deposited on December 13, but returned by the bank on December 25, stamped “DAIF”. No entry has yet been made to return the return of the check.Mickey Mouse Corporation has agreed to maintain a cash balance of P700,000 in one of its banks at all times to ensure future credit availability (this amount is not legally restricted as to withdrawal and was included in the above balance). How much is the correct amount of cash and…
- 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?On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should beOn December 31,2021, the cash equivalent of SPIDEY Company show the following composition:-Petty cash fund (of which P750 is unreplenished vouchers for expenses: P150 isIOU notes and remaining currencies and coins amounting P3,500) - P5,000-Cash in bank, General account A, net of P25,000 bank overdraft in the general payroll account in a difference bank - 625,000Cash in bank, General account B, including unrestricted compensating balances of P200,000 - 270,000Cash in bank, General account C, per book (outstanding checks as of year-end totaled P10,000) - 90,000Cash on hand including customer’s postdated checks of P6,000 - 25,000Cash in bank, Administrator payroll account, after checks amounting to P125,000 dated Dec. 30,2018 but unreleased as of Dec. 31,2018 - 750,000Savings deposit, earmarked for the acquisition of building which are expected to be disbursed within 6 months from reporting date - 600,000Cash surrender value - 50,000Cash set aside for payment of interests and dividends…
- VKS 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…Louis Company had the following account balances at December 31, 2021: Cash in Metrobank 1,875,000 Cash in BPI 200,000 Cash on hand (includes a customer's check for P15,000 dated January 5, 2022 125,000 Cash restricted for acquisition of machinery (expected to be disbursed in 2022) 1,600,000 Cash in Metrobank include P300,000 of compensating balance against short-term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Louis. Question: In the current asset section of Louis' December 31, 2021 statement of financial position, total cash should be reported at a. P2,185,000b. P1,885,000c. P3,785,000d. P3,485,000India 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:…