Blakely Industries has the following items: Currency $26,250 Customer checks that have not been deposited 700 U.S. government bonds that originally maturing in 3 months 13,000 U.S. government bonds that originally maturing in 12 months 14,000 Cash in saving and checking accounts 64,000 Certificates of deposits that originally maturing in 18 months 47,000
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Blakely Industries has the following items:
| Currency | $26,250 |
| Customer checks that have not been deposited | 700 |
| U.S. government bonds that originally maturing in 3 months | 13,000 |
| U.S. government bonds that originally maturing in 12 months | 14,000 |
| Cash in saving and checking accounts | 64,000 |
| Certificates of deposits that originally maturing in 18 months | 47,000 |
Required:
How much should Blakely report as cash and equivalents on its
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- The checking account balance per bank statement is P3,874,000. Included in the bank statement are a bank service charge of P10,000, a note collection by the bank of P400,000 and the return of P100,000 from a matured time deposit. Outstanding checks totaled P490,000 while deposits in transit total P210,000. The depositor incorrectly recorded a cash collection of P82,000 as P28,000. What is the adjusted cash in bank? * A.P3,540,000 B.P3,594,000 C.P3,648,000 D.P4,154,000The following is a summary of the cash book of High Ltd for March 2020: GH¢ GH¢ Opening balance b/d 4,120 Payments 46,560 Receipts 45,320 Closing balance c/d 2880 49,440 49,440 On the investigation you discover that at 31 March 2020: The last page of the paying-in books a deposit of GH¢1,904 which has not yet been credited by the bank. Two cheques paid to suppliers for GH¢642 and GH¢1,200 have not yet been presented to the bank. Dividends received of the GH189 are shown on the bank statement but not entered in the cash book. Bank charges of GH¢105 shown on the bank statement have not been entered in the cash book. A cheque for GH¢54 has been returned by the bank marked ‘refer to drawer’ but it has not been written back in the cash book. A cheque drawn for GH¢141 has been entered in error as a receipt in the cash book. The bank has debited a cheque for GH¢216 error to the company’s account. You are required to: i. Show the…Kenya Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses P10,000 50,000 Notes receivable 4,000,000 Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 6,000,000 Inventory 3,000,000 Bond sinking fund 3,000,000 Total current assets P21,050,000 Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 P7,000,000 Notes payable 4,000,000 Bonds payable due June 30, 2020 3,000,000 Accrued expenses 2,000,000 Total current liabilities P16,000,000 What amount should be reported as total current assets on December 31, 2021?
- The following is a summary of the cash book of High Ltd for March 2020: GH¢ GH¢ Opening balance b/d 4,120 Payments 46,560 Receipts 45,320 Closing balance c/d 2880 49,440 49,440 On the investigation you discover that at 31 March 2020: The last page of the paying-in books a deposit of GH¢1,904 which has not yet been credited by the bank. Two cheques paid to suppliers for GH¢642 and GH¢1,200 have not yet been presented to the bank. Dividends received of the GH189 are shown on the bank statement but not entered in the cash book. Bank charges of GH¢105 shown on the bank statement have not been entered in the cash book. A cheque for GH¢54 has been returned by the bank marked ‘refer to drawer’ but it has not been written back in the cash book. A cheque drawn for GH¢141 has been entered in error as a receipt in the cash book. The bank has debited a cheque for GH¢216 error to the company’s account. You are required to: Show the…Use the following to answer questions 1-4 Determine whether the firm reports each of the following items as part of cash, cash equivalents, or neither in the balance sheet. Item 1 Supplies 2. Currency 3 60-day US Treasury Bill 4. 6-month Certificate of deposit Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Cash, Cash equivalent, or neither. Item Bank error, cleared the same deposit twice NSF Checks outstanding Interest earned Use the following to answer questions 9-11 On February 28th, the general ledger of the company shows a balance for cash of $100,000. Cash receipts yet to be…The following information is available for Lemonaid Co. for June 30, 2020: The bank statement balance is $6,000The general ledger cash account balance is $4,715Outstanding checks totaled $1,000Deposits in transit are $500The bank service charge is $15Collection of a note by bank, $850 plus $50 in interest income.Error by bank in processing a check – overcharge to Acct 201’s account of $100, to be corrected July 2, 2020 Required: 1. Based on the previous information, prepare a bank reconciliation for Acct 201 Co. at June 30, 2019. 2. Based on the previous reconciliation, prepare any necessary adjusting journal entries. 3. List one example of internal controls over cash
- QuestionSteinert Company has the following items at year-end:Cash in bank £52,500Petty cash 850Commercial paper with maturity of 2 months 7,200Postdated checks 3,100What amount Steinert should report as cash and cash equivalents?The bank reconciliation for Widgets Inc. included the following items: $30 bank service charge; NSF check of $275; bank error of $30; EFT collection from a customer for $2,335. Based on the information, Widgets Inc. will adjust cash by what amount? O $1,480 O $2,030 O $2,000 O $2,060Below is the bank reconciliation for Prada Company for July 2018: Balance per bank, July 31, 2018 Add: Deposits in transit Total Less: Outstanding checks Erroneous bank credit Cash balance per books, July 31, 2018 P 140,000 50,000 P Questions: 14. How much is the unadjusted cash balance per books on August 31, 2018? a. P902,000 b. P860,000 c. P820,000 P P 750,000 120,000 870,000 190,000 680,000 The bank statement for August 2018 contains the following data: Total deposits, P550,000; Total charges (including a no sufficient fund check of P40,000 and service charge of P2,000), P480,000. All outstanding checks on July 31, 2018 including bank credit were cleared in the bank in August 2018. There were outstanding checks of P150,000 and deposits in transit of P190,000 on August 31, 2018. d. P738,000
- 2. Shown below is the bank reconciliation for ONMYOWN Company for May 2023: Balance per bank, May 31, 2023 Add: Deposit in Transit Total Less: Outstanding Checks Bank Credit Error Cash Balance per book, May 31, 2023 The bank statement for June 2023 contains the following data: Total deposits Total charges, including and NSF check of P 4,000 and a service charge of P200 P 14,000 5,000 P75,000 12,000 87,000 19,000 P 68,000 P 55,000 48,000 All outstanding checks on May 31, 2023, including the bank credit, were cleared in bank in June 2023. There were outstanding checks of P 15,000 and deposit in transit of P19,000 on June 30, 2023 2.1. What is the cash balance per bank on June 30, 2023? 2.2. What is the Adjusted cash balance on June 30, 2023? 2.3. What is the cash balance per book on June 30, 2023?1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current liabilities on December 31, 2020?The bank statement for Jonzac Inc. showed a balance of $900, and the checkbook balance indicated $1,420. The total amount of outstanding cheques is $35. A $5 cheque printing charge and a $50 NSF were reported on the bank statement. There was a $500 deposit in transit. What is the reconciled balance? a. $1,095 b. $1,045 O c. $1,040 d. $1,365 P Type here to search ASUS
