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Caring Enterprises had the following account balances on December 31, 2020: Cash in BPI Bank - 2,250,000; Cash allowed for the acquisition of machinery - 1,600,000; Revolving Fund - 125,000. Cash in Bank included P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020? *
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- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.Caring enterprises had the following account balances on Decrmber 31, 2020; Cash in BPI Bank- 2,250,000; Cash allowed for the acquisition of machinery- 1,600,000; Revolving Fund- 125,000. Cadh in Bank included 600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020Caring Enterprises had the following account balances on December 31, 2020: Cash in BPI Bank - 2,250,000; Cash allowed for the acquisition of machinery - 1,600,000; Revolving Fund - 125,000. Cash in Bank included P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020? a. 1,775,000 b. 2,250,000 c. 2,375,000 d. 3,975,000
- 1. Nia Enterprises had the following account balances on December 31, 2020: Cash in BPI Bank - 2,250,000; Cash allowed for the acquisition of machinery - 1,600,000; Revolving Fund - 125,000. Cash in Bank included P600,000 of compensating balance against short-term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. That total amount should be reported as cash on December 31, 2020? * Kari Company provided the following information on December 31, 2020: Share premium - 9,000,000; Accounts payable - 1,000,000; Sales - 10,000,000; Treasury shares - 250,000; Preference share - 1,750,000; Ordinary share - 400,000; Total costs and expenses - 7,800,000; Retained earnings, January 1 - 1,000,000. The total shareholders' equity on December 31, 2020 is__________. *Jungkook Company had the following account balances at December 31, 2020: Cash in banks- P2,250,000 Cash on hand- P125,000 Cash legally restricted for additions to plant (expected to be disbursed in 2022)- P1,600,000 Cash in banks includes P600,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Jungkook. In the current assets section of Jungkook’s December 31, 2020 statement of financial position, total cash should be reported atIndie Company had the following account balances at December 31, 2021: Cash in Metrobank (includes P300,000 of compensating balance against short term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Indie Company) - P1,875,000 Cash in BPI - P180,000Cash on hand (includes a customers check for P15,000 dated January 5, 2022) - P125,000 Cash restricted for acquisition of machinery (expected to be disbursed in 2022) - P1,600,000 How much is the total cash reported in the current asset section of Indie Company's December 31, 2021 statement of financial position?
- Greenfield Company had the following cash balances at December 31, 2019: Cash in banks includes $300,000 of compensating balances against short-term borrowing arrangements at December 31, 2019. The compensatingbalances are not legally restricted as to withdrawal by Greenfield. In thecurrent assets section of Green-field's December 31, 2019, balance sheet,what total amount should be reported as cash?a. $1,020,000b. $1,320,000c. $3,020,000d. $3,320,000Indie Company had the following account balances at December 31, 2021:Cash in Metrobank (includes P300,000 of compensating balance against short term borrowing arrangements. The compensating balance is not legally restricted as to withdrawal by Indie Company) - P1,875,000Cash in BPI - P180,000Cash on hand (includes a customers check for P15,000 dated January 5, 2022) - P125,000Cash restricted for acquisition of machinery (expected to be disbursed in 2022) - P1,600,000How much is the total cash reported in the current asset section of Indie Company's December 31, 2021 statement of financial position?Quart Company had the following account balances at December 31, 2021:Cash in banks - P2,250,000*Cash on hand - P125,000Cash legally restricted for additions to plant (expected to be disbursed in 2022) - P1,600,000*Cash in banks include P500,000 of compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Quart.How much is the total cash reported under current assets in Quart Company's December 31, 2021 statement of financial position?
- .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 21,850,000On 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?Dapitan Company had the following account balances at December 31, 2023: Cash in bank Cash on hand Cash legally restricted for addition to plant and expected to be disbursed in 2024 P2,500,000 10,000 1,500,000 Cash in bank includes P200,000 compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Dapitan Company. In the current assets section of Dapitan Co.'s December 31, 2023 statement of financial position, how should be reported as cash?