Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check OP304,350 O P554,350 O P566,350 P 23,850 P504,350 45,500 50,000 105,000 10,000 250,000 12,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 70,000

Grace Corporation shows the following account balances in their financial records as of December 31, 2020. Undeposited cash collections Cashier's checks Bank drafts Demand deposit Petty cash fund Cash fund set aside for payroll purposes Check from customer dated January 5, 2020 Traveler's check OP304,350 O P554,350 O P566,350 P 23,850 P504,350 45,500 50,000 105,000 10,000 250,000 12,000 How much 'Cash' balance is reported in the statement of financial position as of December 31, 2020? 70,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS Cash Debit P 208,700 20,350 27,950 109,350 92,700 53,000 16,850 CASH PAYMENTS Check No. 4113 Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 4114 10 4115 16 4116 22 4117 29 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 9 12 17 22 23 92,700 543,750 Less: Checks and other debits: P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 Apr. 7 13 14 15 18 21 26 30 50,000 30 1,000 Service charge 335,300 P 304,000 Ending balance
The cash receipts and cash payments of Detuya Company for April 2020 follow: CASH RECEIPTS CASH PAYMENTS Cash Debit Check No. Cash Credit P 44,550 7,350 96,500 33,200 73,600 Date Apr. 2 8 P 208,700 20,350 27,950 109,350 92,700 4113 4114 10 4115 16 4116 22 4117 29 53,000 16,850 4118 50,000 31,600 83,750 5,000 120,650 30 4119 4120 4121 4122 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 Beginning balance Add: Deposits and other credits: Apr. 1 P 16,300 Electronic fund transfer 208,700 20,350 27,950 109,350 68,400 Bank collection 92,700 4 9 12 17 22 23 543,750 Less: Checks and other debits: Apr. 7 13 P 44,550 69,500 45,150 Unauthorized signature 7,350 33,200 10,950 Electronic fund transfer 73,600 50,000 1,000 Service charge 14 15 18 21 26 30 30 335,300 P 304,000 Ending balance
On December 31, 2021, the cash account of Roel Company showed the following details: wwww Undeposited collections Cash in bank- PCIB checking account 60,000 500,000 Cash in bank- PNB overdraft (50.000) Undeposited NSF check received from customer dated December 1, 2021 Undeposited check from a customer dated January 15, 2022 Cash in bank- PCIB (fund for payroll) Cash in bank- PCIB savings deposit Cash in bank- PCIB money market instrument, 90 days Cash in foreign bank (restricted) IOUS from officers Sinking fund cash Listed shares held as trading investment 15,000 25,000 150,000 100,000 2,000,000 100,000 30,000 450,000 120,000 What amount should be reported as cash and cash equivalents on December 31, 2021?
At October 31, Matrah Company has this bank information: cash balance per bank RO 8,950; outstanding checks RO 450; deposits in transit RO 1,300; and a bank service charge RO 60. Determine the adjusted cash balance per bank at October 31, 2019.
An 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?
On December 31, 2021, Erika Company reported "cash account" balance per ledger of P3,600.000 which included the following: Demand deposit Time deposit-30 days 1,500,000 500,000 20,000 1,000,000 50,000 30,000 400,000 10,000 NSF check of customer Money market placement due on June 30, 2022 Saving deposit IOU from employee Pension fund Petty cash fund Customer check dated January 31, 2022 Customer check outstanding for 18 months 60,000 30,000 3.600.000 • A check of P100,000 in payment of accounts payable was dated and recorded on December 31, 2021 but mailed to creditors on January 15, 2022. • Check of P50,000 dated January 31, 2022 in payment of accounts payable was recorded and mailed December 31, 2021. The entity uses the calendar year. The cash receipts journal was held open until January 15, 2022, during which time P200,000 was collected and recorded on December 31, 2021. What total amount should be reported as "cash and cash equivalents" on December 31, 2021?
The bank statement and relevant portions of Bernie Company's cash records for the month ended June 30, 2020 are given below. Bernie Company Cheque Register Explanation 31-May Deposit 1-Jun Cheque 1-Jun Cheque 1-Jun Cheque 1-Jun Cheque 3-Jun Cheque 4-Jun Cheque 9-Jun Deposit 12-Jun Cheque 12-Jun Cheque 12-Jun Cheque 18-Jun Deposit 20-Jun Cheque 21-Jun Cheque 24-Jun Cheque 26-Jun Cheque Date Debit Credit Balance -21,242,92 20.583.92 20,357.92 17,967.92 37,402.92 424.00 E16,978.92 16,626.92 22,906.92 20,793.14 9.050.00 882 659.00 226.00 2,390.00 565.00 876 883 884 885 886 352.00 6,280.00 887 2,113.78 18,623.71 17,375.71 19,295.71 16,926.71 10,257.71 8,805.71 2,169.43 1,248.00 888 889 1,920.00 890 2,369.00 891 6,669.00 892 893 1,452.00 256.00 8,549.71 3,695.00 12,244.7 29-Jun Deposit
What amount should be reported as TOTAL CASH on December 31, 2020? * Love Company reported the following data in relation to cash on Dec. 31, 2020: * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance. * Another customer check for P500,000 deposited on December 22, 2020 was included in the checkbook balance but returned by the bank for insufficiency of fund. This check was redeposited on December 26, 2020 and cleared two days later. * A P400,000 check payable to supplier dated and recorded on December 30,, 2020 was mailed on January 16, 2021. * A petty cash fund of P50,000 comprised the following on December 31 2020: 5,000 5,000 40,000 50,000 * A check of P40,000 was drawn on December 31, 2020 payable to the petty cash Coins and currencies Refundable deposit for returnable containers Petty cash vouchers Total custodian for PCF replenishment.
What is the adjusted CASH IN BANK on December 31, 2020? Love Company reported the following data in relation to cash on Dec. 31, 2020: * Checkbook balance, P4,000,000 * Undeposited collections, P400,000 * A customer check amounting to P200,000 dated January 2, 2021 was included in the December 31, 2020 checkbook balance. * Another customer check for P500,000 included in the checkbook balance but returned by the bank for insufficiency of posited on December 22, 2020 was fund. This check was redeposited on December 26, 2020 and cleared two days later. * A P400,000 check payable to supplier dated and recorded on December 30, 2020 was mailed on January 16, 2021. * A petty cash fund of P50,000 comprised the following on December 31 2020: 5,000 5,000 40,000 50,000 * A check of P40,000 was drawn on December 31, 2020 payable to the petty cash Coins and currencies Refundable deposit for returnable containers Petty cash vouchers Total
Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31, 2019: Cash in Bank Acct. No. 101 Balance DR (CR) Date Description Folio Debit Credit Nov. 30 Balance (overdraft) 221,000 Dec. 1-31 Cash receipts CRJ10 813,000 1,034,000 Dec. 1-31 Cash Payments CDJ21 972,000 62,000 December deposits made and checks issued were as follows: Deposits Checks Date Amount No. Amount Dec. 5 30,000 232 110,000 7 210,000 233 83,000 9 85,000 234 25,000 12 32,000 235 59,000 15 26,000 236 590,000 21 420,000 237 17,000 24 16,000 238 28,000 26 51,000 239 77,000 28 21,000 31 15,000 $813,000 $972,000 The December bank statement showed: First Chartered Bank Gibson…
You noted the following composition of BBBCompany’s “cash account” as of December 31, 2020: Demand deposit account P2,000,000 Time deposit – 30 days 1,000,000 NSF check of customer 40,000 Money market placement (due June 30, 2021) 1,500,000 Savings deposit in a closed bank 100,000 IOU from employee 20,000 Pension fund 3,000,000 Petty cash fund 10,000 Customer check dated January 1, 2021 50,000 Customer check outstanding for 18 months 40,000 Total P7,760,000 Additional information follows: a) Check of P200,000 in payment of accounts payable was recorded on December 31, 2020 but mailed to suppliers on January 5, 2021. b) Check of P100,000 dated January 15, 2021 in payment of accounts payable was recorded and mailed on December 31, 2020. c) The company uses the calendar year. The cash receipts journal was held open until January 15, 2021, during which time P400,000 was collected and recorded on December 31, 2020. 36. The cash and cash equivalents to be shown on the December 31, 2020…