. UNMI Company had the following account balances at December 31, 2020: Cash in banks P 2,700,000 Cash on hand 150,000 Cash legally restricted for additions to plant (expected to be disbursed in 2003) 1,920,000 Cash in banks includes P720,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Best. In the current assets section of UNMI’s December 31, 2002 balance sheet, total cash should be a. 4,770,000 b. 2,850,000 c. 2,700,000 d. 2,130,000
4. UNMI Company had the following account balances at December 31, 2020:
Cash in banks P 2,700,000
Cash on hand 150,000
Cash legally restricted for additions to plant
(expected to be disbursed in 2003) 1,920,000
Cash in banks includes P720,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Best. In the current assets section of UNMI’s December 31, 2002 balance sheet, total cash should be
a. 4,770,000
b. 2,850,000
c. 2,700,000
d. 2,130,000
5. These are deductions made by the bank to the depositor’s bank account but not yet recorded by the depositor.
a. Credit memos (CM)
b. Debit memos (DM)
c. Outstanding checks (OC)
d. Deposits in transit (DIT)
6. Bank statements provide information about all of the following except
a. checks cleared during the period.
b. NSF checks.
c. bank charges for the period.
d. errors made by the company.
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