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TAEHYUNG Company reported a total cash and cash equivalent of P6,500,000 on December 31, 2019, which includes the following information:
- Two certificates of deposit, each totaling P600,000. These certificates of deposit have a maturity of 120 days
- A check that is dated January 12, 2020 in the amount of P150,000
- A commercial paper of P2,500,000 which is due in 120 days
- Currency and coins on hand amounted to P10,500
TAEHYUNG Company has agreed to maintain a cash balance of P500,000 in one of its banks at all times and it is not available for withdrawal and to ensure future credit availability (this amount was included in the above balance).
How much is the correct amount of cash and cash equivalents that TAEHYUNG Company should report in its December 31, 2019
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- The company issued a note receivable on September 30th, 2020 for OMR 10,000 with an interest rate of 5%. The maturity date of the note is 11th December, 2020. The note was honored on the maturity date. Calculate the interest amount received by the company on the maturity date assuming 360 days in a year. OMR 101.388 OMR 97.22 OMR 98.61 OMR 100 Calculate the amount of cash and cash equivalents if bank balance is OMR 50, Post-dated cheques are OMR 35, Cash in hand is OMR 75, Advance granted to employees is OMR 85, stationery on hand is OMR 36: ull lis is! TOSHIBAOn December 1, 2020, RB Company issued accounts receivable of Php6,000,000 to a bank in exchange for a loan of 80% of the accounts minus a 5% service charge on the accounts assigned. The entity signed a bank loan note. On December 31, 2020, the company collected Php2,000,000 in assigned accounts minus a discount of Php200,000. The collections were submitted to the bank as partial payment for the loan. The bank applied the collection first to the interest and then to the principal. On the loan balance, the agreed-upon interest rate is 1% each month. On the allotted accounts, the organisation took sales refunds of Php 100,000 and wrote down assigned accounts totaling Php300,000.The notes receivable account consists of two notes, a $75,000 note and a $335,000 note. The $75,000 note is dated October 31, 2021, with principal and interest payable on October 31, 2022. The $335,000 note is dated June 30, 2021, with principal and 8% interest payable on June 30, 2022. During 2022, sales revenue totaled $1,490,000, $1,355,000 cash was collected from customers, and $37,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable. On March 31, 2022, the $335,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 10%. Chamberlain accounts for the discounting as a sale
- Mickey 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…On January 1, 2018, a company received ₱2,000,000, 12% notes. The effective interest rate for similar notes is 11%. The principal of the notes is paid in series of ₱500,000 annually, together with any accrued interest on the outstanding notes, every December 31, starting December 31, 2018. How much is the total amount of receivables to be included as part of current assets on December 31, 2019? How much is the total amount of receivables to be included as part of non-current assets on December 31, 2019?Delta Automotive Corporation has the following assets listed in its 12/31/2024 trial balance: Cash in bank-checking account $ 34,500 U.S. Treasury bills (mature in 60 days)*Footnote asterisk 7,000 Cash on hand (currency and coins ) 2,550 U.S. Treasury bills (mature in six months)*Footnote asterisk 22,000 Undeposited customer checks 3,040 * Footnote asterisk Purchased on 11/30/2024 Required: Determine the correct balance of cash and cash equivalents to be reported in the current asset section of the 2024 balance sheet. For each of the items not included in your answer to requirement 1, select the correct classification of the item.
- Suppose that a company is established with zero cash on 1 January 2019 and the following transactions occur in 2019. The company sells an inventory at a price of 50,000 TL. The cost of the inventory is 40,000 TL. The company receives 20,000 TL cash payment and a $6,000 check at the time of the sale when $1 = 5 TL (Turkish Liras). At the maturity date of the check, USD($) appreciates to 5.2 TL and the company immediately clears the check to its bank. In a physical count towards the end of the year, cash count shows 18,000 TL, which does not agree with the cash balance in the books. Unfortunately, the company cannot find the reason of the mismatch in any case. Assuming that there are no more transactions throughout the year, what would be the net profit or loss for that year? A) 8,000 TLB) 9,200 TLC) 10,800 TLD) 11,200 TLE) Other (Please Specify)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 beNabangsit Corporation reported the following receivables on December 31, 2018: Accounts receivable, net of P520,000 allowance for doubtful accounts P3,840,000 Interest receivable 190,000 Notes receivable 4,000,000 Additional information: The notes receivable comprised of the following: P3,000,000 note dated March 31, 2018, with principal and 8% interest payable on March 31, 2019. P1,000,000 note dated October 31, 2018, with principal and interest payable on October 31, 2019. During 2019, sales revenue totaled P21,200,000, cash collected from customers amounted to P19,800,000, and P410,000 in accounts receivable were written off. All sales are made on credit basis. Doubtful accounts expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of…
- 11. MELON 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…FDN Company received a 60-day 10% promissory note as settlement for goods sold on March 1, 2022 for P25,500. How much should be debited to Cash upon collection of the note on maturity date?The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Based on the above, answer the following questions: Cuay Corporation BANK RECONCILIATION 13. What is the total book receipts for December? 14. What is the cash balance per books on December 31, 2020? 15. What is the total outstanding checks on December 31, 2020? 16. What is the adjusted cash balance on November 30, 2020? 17. What is the adjusted cash balance on December 31, 2020? November 30, 2020 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 P 435,000 P 6,000 15,000 Check No. 4340 1,700 Check No. 4341 The cash receipts and cash payments of Detuya Company for April 2020 follow: 4,675 27,375 P 407,625 16,200 P 423,825 Total Add: Deposits in transit Balance per books CASH RECEIPTS CASH PAYMENTS Date Cash Debit Check No. Cash Credit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 P 44,550 7,350 96,500 33,200 73,600 50,000 31,600…
