Compute the amount to be presented as cash and cash equivalents on December 31, 2022
Q: Using the attached T-account template or a spreadsheet with proper classifications and account names...
A: Sales Taxes Collection = $10,000,000 Sales Taxes Collection is been transferred to General Fund ( ...
Q: wo Company Comparison CONSOLIDATED BALANCE SHEETS Fiscal Year-End -20xx Fiscal Year - 20xx Com...
A: Debt Ratio = Total Liabilities / Total Assets Total Liabilities = Total Current Liabilities + Total ...
Q: ABC Company granted 100 share options to each of its 200 employees on January 1,2019. The option pla...
A: The share premium account refers to the difference between the par value of the shares issued and th...
Q: 3. Beginning 4. How many units should ABM Company produce in order to fulfill the expected sales of ...
A: Budgeted production refers to a form of budget which shows the number of units of a specific product...
Q: A , B and C bind themselves to pay D P30,000. Only A received the money as per agreement between A, ...
A: Contract refers to those legally enforceable obligations in which two or more parties either individ...
Q: PB&J Eatery has a monthly target operating income of $6,300. Variable expenses are 60% of sales and ...
A: Operating leverage = Contribution margin / Operating income where, Contribution margin = Operating i...
Q: Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependent...
A: Payroll refers to the payment to be made by the employer to the employees for the services rendered ...
Q: Find the interest on a used car loan of $5000 at a rate of 16% for a period of 8 months.
A: Interest rate = 16% Loan amount = $ 5000 Period = 8 months Interest on loan = Loan amount * Interest...
Q: Non-market based performance conditions include vesting based on achieving all of the following exce...
A: Solution Note : dear student as per the Q&A guideline we are required to answer the first questi...
Q: On January 1,2019, an entity granted to an officer the right to choose either - 5,000, P 25 par ordi...
A: Fair value of share alternative as on January 1,2019 = P45 per share Fair value of cash alternative ...
Q: Name Paper Works Inc. makes paper products and dumps its waste into the Fish River. The waste has ha...
A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...
Q: hich States have the highest State Level Estate Tax? Give me the top 5 in a Table format [State, Exe...
A: solution Concept Estate tax are the amount of taxes levied on estate of deceased person
Q: acos and Joseph are partners with capital balances of P1,600,000 and P2,400,000 respectively. They s...
A: LET'S UNDERSTAND THE BASICS Partnership is the the agreement between two or more partner to manage a...
Q: rate of return of 10%. For one of your prospects (i.e. Charmaine’s Champagnes), you expect a rate of...
A: Following is the answer.
Q: During the current year, Royal Industries sold treasury stock for $32,000 cash. The treasury stock w...
A: Introduction: Statement of cash flows: All cash in and out flows are shown in statement of cash flow...
Q: 1. Prepare a Schedule for Profit Distribution. 2. Journal entry to record the distribution of profit...
A:
Q: Millie is looking at the sales forecast for the sales of classic waffles. She has given you some cos...
A: Break-even point: The break-even point is a point in the break-even analysis graph where the sales r...
Q: The following cost data are available for Honesty Co. for its first month of operations: ...
A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...
Q: Which of the following statements about bank capital are TRUE? Banks hold equity capital to make su...
A: Banks Capital = Banks Assets - Banks Liabilities Banks capital is a representation of the net worth ...
Q: List and describe the various formats available for the preparation of an Income Statement.
A: Income statement: It is a financial statement that calculates the net income generated by a compan...
Q: Utilities 2,000 0.40 3,300 0.80 0.16 Rent 4,000 4,000 Maintenance 800 1,400 Supervisory salaries 1,0...
A: Solution Concept The cost classification on the basis of behavior -variable cost ...
Q: Butane Company made the following payments to Mr. Paul Kim , CEO during the current ye Annual Salary...
A: Key managerial personnel (KMP) in an organisation refer to the whole time employees of the company w...
Q: Required: a- Prepare cost of goods manufactured statement b- Prepare income statement
A: Cost of Manufactured Goods = Beginning WIP + Direct Material Consumed + Direct Manufacturing Labor +...
Q: At the end of 2020, the balances in the accounts related to the defined benefit pension plan of the ...
A: Pension is a sum received at the time of retirement which is guaranteed to an employee by the compan...
Q: age of time B. Completion of percentage of a project C. Performan
A: Revenue refers to the sum value of money gained by a business by selling its goods or services in th...
Q: What is the total amount that was disclosed as compensation to key management personnel for the pare...
A: Compensation is the amount of money which has been earned by the employees of the company or which i...
Q: 1. When a property other than Cash is invested in a partnership, at what amount should the noncash ...
A: In the light of provisions of Partnership Act, When a property other than Cash is invested in a part...
Q: of production is P2.70. Total 0. The company is currently se
A: Breakeven Point is the where the contribution margin and fixed cost are equal. When the sales in inc...
Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The ...
A: Uncollectible account expense- Uncollectible accounts expense is accuse made to the books when a con...
Q: . A debit to Sales Discount for P500 b. A credit to Sales Returns and Allowances for P500 c. A credi...
A: This is a loss to the vendor ( me) . So, it will be debited. Deduction in the invoice price will be ...
Q: Prepare journal entries for the following transactions.
A: Journal entries refers to the official book of a company which is used to record the day to day tran...
Q: end öf each following year. a) To what sum will the investment grow at the time of the 10th deposit?...
A: Interest is amount of money which the company earns on the investment made by the company which has ...
Q: We have been producing product A for several years and look forward to several more years of sales a...
A: The decision to purchase a new equipment can be made by analyzing the costs to be saved by the new e...
Q: Required: Prepare a statement of cost of goods manufactured.
A: Solution In cost of goods manufactured ,freight out is not included as it is selling cost COGS is af...
Q: Metaverse has become one of the most noticed innovations by leaders who consider themselves capable ...
A: The Metaverse is a type of virtual assistance. Innovative technology that is implemented into the bu...
Q: ntana Rey is considering the purchase of equipment for Business Solutions that would allow the compa...
A: Solution Given Cost of equipment (initial investment) 280000 Life 5 years Net income...
Q: company's inventory records report the following: Beginning balance August 1 August 5 August 12 24 u...
A: Calculation of value of inventory under FIFO method are as follows.
Q: Blossom Company manufactures pizza sauce through two production departments: Cooking and Canning, In...
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other ...
Q: Sheffield Company’s income statement for the year ended December 31, 2020, contained the following c...
A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...
Q: a. The bank statement balance is $7,650. b. The cash account balance is $6,422 c. Outstanding checks...
A: Bank Reconciliation Statement is an Statement that is used to adjust the difference of the balance b...
Q: Wildhorse Company’s income statement for the year ended December 31, 2020, contained the following c...
A: Solution: Computation of cash received from customers Particulars Amount Beginning accounts r...
Q: A company has net sales of $1,531,800 and average accounts recelvable of $414,000. What is Its accou...
A: Accounts Receivable Turnover Ratio means Net Sales Divided by Average Receivable. It is used to know...
Q: A resident citizen taxpayer sold share of stock of a domestic corporation though the local stock exc...
A: Capital Gains Tax is a tax on capital gains arising upon sale of an asset. It is assumed that the ju...
Q: c. Prepare a schedule of cost of goods manufactured for August using actu d. Prepare an income state...
A: Income statement refers to the statement which is prepared by the company at the end of period in or...
Q: In 2018, Keenan Company paid dividends totaling $3,600,000 on net income of $10.8 million. Note...
A: a. To set dividends to grow at long term growth rate, dividend issued should be 5% more than 2018div...
Q: Direction: Journalize the given transactions below of BAM General Merchandise on the month of May 20...
A: Journal is a book in which all business transactions are recorded in the order in which they occur, ...
Q: Substantive audit procedures Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) ...
A: Auditing of the financial position as well as the financial records of the organization are importan...
Q: Dean and Ellen Price are married and have a manufacturing business. They bought a piece of business ...
A: Given, Business equipment (7-year personal property) on 4/1/2018 for $50,000. For a 7-year prop...
Q: Compensation of key management personnel: Group 2014 2013 Parent 2014 2013 Short-term employee benef...
A: Compensation to key management personnel An entity is required to disclose compensation to key manag...
Q: 5. On October 1, 2021, Gomez Inc. assigns $1,600,000 of its accounts receivable to Ottawa National b...
A: Finance charge (Interest expense ) = $1,600,000×2% = $32,000
The following data pertain to ABC Corporation on December 31, 2022
Current account at China Bank - P1,800,000
Current account at RCBC Bank - (100,000)
Foreign bank account – restricted (in equivalent pesos) - 1,000,000
Savings deposit in a closed bank - 150,000
Employee’s post-dated check - 4,000
IOU from employees - 10,000
Traveler’s check - 50,000
Petty cash fund (P4,000 in currency and expense receipts for P6,000) - 10,000
Pension fund - 2,000,000
DAIF check of customer - 15,000
ABC’s check outstanding for 18 months - 70,000
Time deposit – 30 days - 200,000
Treasury bills, due 3/31/23 (purchased 12/31/22) - 200,000
Treasury bills, due 1/31/23 (purchased 1/2/22) - 300,000
Compute the amount to be presented as cash and cash equivalents on December 31, 2022.
Step by step
Solved in 2 steps
- Chad 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.…Chad 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 following data pertain to Philippine Long Distance Telephone Company (PLDT) onDecember 31, 2019:Current account at Metrobank P1,800,000Current account at Allied Bank (100,000)Payroll account 500,000Foreign bank account ( in equivalent pesos) 800,000Savings deposit in a closed bank 150,000Postage stamps 1,000Employee’s post dated checks 4,000IOU from employees 10,000Debit memo from a vendor for a purchase return 20,000Traveler’s check 50,000Money order 30,000Petty cash fund (P4,000 in currency andExpense receipts for P6,000) 10,000Pension fund 2,000,000DAIF check of customer 15,000Customers check dated 1/1/20 80,000College of Accounting Education3F, Business & Engineering BuildingMatina, Davao CityPhone No.: (082)300-5456 Local 137- 82 -Time deposit – 30 days 200,000Money market placement (due 6/30/20) 500,000Treasury bills, due 3/31/20 (purchased 12/31/19) 200,000Treasury bills, due 1/31/20 (purchased 1/1/19) 300,000Uncashed tax refund check 550,000Commercial paper maturing in…
- 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.…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.…Jakarta Company provided the following information at month-end: Cash in bank per bank statement P8,000,000 Deposit in transit P1,200,000 Outstanding checks, including a certified check of P200,000 P1,500,000 Amount erroneously credited by the bank to the entity's account P150,000 Note collected by the bank for the entity, including interest of P100,000 P1,100,000 Service charge for the current month P20,000 NSF checks of customers returned by bank P 500,000 Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in…
- Bank balance as per Cash book RO 25,000 Cheques deposited into bank but not credited up to December 31, 2018 is RO 8,900. Cheques issued but not presented for payment RO 12,500. Bank credited RO 6,000 for receiving dividend through Electronic Clearing System. Cheque book charges debited by Bank RO 400. The balance as per the Pass book is A) 28600 B) 30600 C) 29600 ) 21400An entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank statement balance 4,000,000 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,000,000 Cash in sinking fund 1,500,000 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 2,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020?Jakarta Company provided the following information at month-end: Cash in bank per bank statement P8,000,000 Deposit in transit 1,200,000 Outstanding checks, including a certified check of P200,000 1,500,000 Amount erroneously credited by the bank to the entity's account 150,000 Note collected by the bank for the entity, including interest of P100,000 1,100,000 Service charge for the current month 20,000 NSF checks of customers returned by bank 500,000 Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the…
- The following data pertain to Pauline Corporation on December 31, 2020: Current account at Metrobank Current account at Allied Bank Payroll account Foreign bank account (in equivalent pesos) Savings deposit in a closed bank Postage stamps Employee's postdated check IOU from employees Credit memo from a vendor for a purchase return Traveler's check Money order Petty cash fund (P4,000 in currency and expense receipts for P6,000) Pension fund DAIFcheck of customer Customer's check dated 1/1/21 Time deposit - 30 days Money market placement (due 6/30/21) Treasury bills, due 3/31/21 (purchased 12/31/20) Treasury bills, due 1/31/21 (purchased 2/ 1/20) The cash and cash equivalents as of December 31, 2020 is 1,300,000 (80,000) 450,000 800,000 140,000 1,000 5,000 8,000 20,000 50,000 30,000 10,000 2,000,000 14,000 80,000 200,000 500,000 200,000 300,000The following data pertain to Philippine Long Distance Telephone Company (PLDT) on December 31, 2019: Current account at Metrobank P1,800,000 Current account at Allied Bank (100,000) Payroll account 500,000 Foreign bank account ( in equivalent pesos) 800,000 Savings deposit in a closed bank 150,000 Postage stamps 1,000 Employee’s post dated checks 4,000 IOU from employees 10,000 Debit memo from a vendor for a purchase return 20,000 Traveler’s check 50,000 Money order 30,000 Petty cash fund (P4,000 in currency and Expense receipts for P6,000) 10,000 Pension fund 2,000,000 DAIF check of customer 15,000 Customers check dated 1/1/20 80,000 Time deposit – 30 days 200,000 Money market placement (due 6/30/20) 500,000 Treasury bills, due 3/31/20 (purchased 12/31/19) 200,000 Treasury bills, due 1/31/20 (purchased 1/1/19) 300,000 Uncashed tax refund check 550,000 Commercial paper maturing in four months 1,200,000 Employee travel advance 75,000 Compute the cash and cash equivalents that should be…KORSTOCKS Company provided the following information on December 31, 2021. Cash on Hand 200,000Philippine Bank Current Account 5,000,000Manila bank current account 4,000,000City Bank current account (bank overdraft) (100,000)Asia Bank savings account for equipment acquisition 250,000Asia Bank Time Deposit, 90 days 2,000,000 Included among the checks drawn by KORSTOCKS against Philippine Bank current account and recorded in December 2021 are:a. check written and dated December 23, 2021 and delivered to payee on January 3, 2022, P 100,000b. check written December 26, 2021, dated January 30, 2022, delivered to payee on December 28, 2021, P 150,000what amount should be reported as cash and cash equivalents on December 31, 2021?a. 11,200,000b. 11,450,000c. 10,950,000d. 11,700,000
