In an audit of Mindanao Company on December 31, 2021, the following data are gathered:Balance per bookBank chargesOutstanding checksDeposit in transitCustomer note collected by bank1,000,0003,000235,000300,000375,00015,00062,000250,000Interest on customer noteCustomer check retumed NSFDepositor's note charged to accountWhat is the adjusted cash in bank on December 31, 2021?

Particulars Amount Balance As per Cash Book 1000000 Less: Bank Charges (3000) Less:…

In an audit of Mindanao Company on December 31, 2021, the following data are gathered: Balance per book Bank charges Outstanding checks Deposit in transit Customer note collected by bank Interest on customer note Customer check retumed NSF 1,000,000 3,000 235,000 300,000 375,000 15,000 62,000 250,000 Depositor's note charged to account What is the adjusted cash in bank on December 31, 2021?

In an audit of Mindanao Company on December 31, 2021, the following data are gathered: Balance per book Bank charges Outstanding checks Deposit in transit Customer note collected by bank Interest on customer note Customer check retumed NSF 1,000,000 3,000 235,000 300,000 375,000 15,000 62,000 250,000 Depositor's note charged to account What is the adjusted cash in bank on December 31, 2021?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter8: Sarbanes-oxley, Internal Control, And Cash

Section: Chapter Questions

Problem 18E

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Complex Balance Sheet Presented below is the unaudited balance sheet as of December 31, 2019, prepared by Zeus Manufacturing Corporations bookkeeper. Your company has been engaged to perform an audit, during which you discover the following information: 1. Checks totaling 14,000 in payment of accounts payable were mailed on December 31, 2019, but were not recorded until 2020. Late in December 2019, the bank returned a customers 2,000 check marked NSF, but no entry was made. Cash includes 100,000 restricted for building purposes. 2. Included in accounts receivable is a 30,000 note due on December 31, 2022, from Zeuss president. 3. During 2019, Zeus purchased 500 shares of common stock of a major corporation that supplies Zeus with raw materials. Total cost of this stock was 51,300, and fair value on December 31, 2019, was 51,300. Zeus plans to hold these shares indefinitely. 4. Treasury stock was recorded at cost when Zeus purchased 200 of its own shares for 32 per share in May 2019. This amount is included in investments. 5. On December 31, 2019, Zeus borrowed 500,000 from a bank in exchange for a 10% note payable, manning December 31, 2024. Equal principal payments are due December 31 of each year beginning in 2020. This note is collateralized by a 250,000 tract of land acquired as a potential future building site, which is included in land. 6. The mortgage payable requires 50,000 principal payments, plus interest, at the end of each month. Payments were made on January 31 and February 28, 2020. The balance of this mortgage was due June 30, 2020. On March 1, 2020, prior to issuance of the audited financial statements, Zeus consummated a non-cancelable agreement with the lender to refinance this mortgage. The new terms require 100,000 annual principal payments, plus interest, on February 28 of each year, beginning in 2021. The final payment is due February 28, 2028. 7. The lawsuit liability will be paid in 2020. 8. Of the total deferred tax liability; 5,000 is considered a current liability. 9. The current income tax expense reported in Zeuss 2019 income statement was 61,200. 10. The company was authorized to issue 100,000 shares of 50 par value common stock.
The accountant of ABC has collected the following information for the month of July 2019. ABC’s bank statement for July 2019 shows the following data: Balance on 1 July as per bank $29,500 Balance on 31 July as per bank $15,907.45 The cash balance as per company records as of July 31 is $11,589.45. Further review of the data reveals the following information: Errors: Check no115 for $1,226. The bank correctly paid the amount, but ABC recorded the check as $1,262. Outstanding checks on July 31, total $5,904 Deposits in transit on July 31 total $2,201.40 Bank statement shows: A. Debit-NSF check: $425.60 B. Debit-bank fee $30 C. Credit- collection of note receivable for $1,000 plus interest earned $50 and bank collection fee $15. Required:Prepare bank reconciliation on July 31, 2019.
comparison, the following items of differences were found with pass book. On 30th June 2018 the cash book of a trader shows a deposit balance of ? 4,800. Howeve Prepare a statement to ascertain the balance as per pass book. From the following particulars you are required to ascertain the bank balance as would a Interest of 1,425 on overdraft upto 31st July 2019 has been debited in the bank 4. Cheques issued prior to July 31st 2019 but not presented till that date amounte 3lntiest etscovedited in the entried but not 152 3. Accountancy -I (et) Direct payment by a customer to bank 420 ehoplon (b) Interest on deposit credited by bank (c) Insurance premium paid by bank (d) Bank charges in pass book 180 80 80 (Ans: Balance as per pass book . 4. the cash book of K. Bharathan as on July 31st 2019. appe In th 1. ne bank pass book showed an overddraft of E 18.700 on July 31st 2019. 2. ing and accoun book, but it has not been entered in the cash book. one ace follows If we ta balanc of veri by pr…
For the month of July, Adam Company had the following information: bank service charge for July, P16,500, “NSF” check, P40,000. Upon review of its records, Adam determined the following: deposit in transit P143,000, outstanding checks P110,000 and an unrecorded customer check of P38,500. If the cash in bank balance per ledger is P920,000, how much is the adjusted balance?
Company developed the following reconciling information and preparing it's April bank recognition: cash balance per bank for 15400, note receivable collected by Bank 8400, outstanding checks 12,600 deposit in transit 6300; bank service charge 150 NSF check 1680; using the above information determine The cash balance per books before adjustment for the company
In an audit of Mindanao Company on December 31,2020, the following data are gathered: Balance per book 2,000,000 Bank charges Outstanding checks 6,000 470,000 Deposit in transit 600,000 Customer note collected by bank 750,000 Interest on customer note 30,000 Customer check returned NSF 124,000 Depositor's note charged to account 500,000 9. What is the adjusted cash in bank on December 31,2020?
In an audit of Mindanao Company on December 31,2020, the following data aregathered: Balance per book 2,000,000 Bank charges 6,000 Outstanding checks 470,000 Deposit in transit 600,000 Customer note collected by bank 750,000 Interest on customer note 30,000 Customer check returned NSF 124,000 Depositor’s note charged to account 500,000. 9. What is the adjusted cash in bank on December 31,2020?
These data pertain to St. Luke Company as of December 31, 2020: Bank service charge not recorded by St. Luke Bank statement, December 31 Checks outstanding (including certified check of P20,000) Customer note collected by bank for St. Luke Deposit in transit Error made by the bank in recording check issued by St. Lucas Error made by the company in recording check that cleared the bank in December (check was drawn in December for P30,000 but recorded at P80,000) Technically defective checks of customers returned by bank 20,000 4,000,000 500,000 150,000 300,000 40.000 50,000 200,000 What is the cash balance per ledger on December 31, 2020? A. 3,980,000 B. 3,880,000 C. 3,860,000 D. 3,800,000
The following information pertains to jeng Company: Balance per bank statement, Dec. 31, 2013, P73,350Cash ledger balance, Dec. 31, 2013, P63,675Proceeds of a customer’s note collected by the bank including P50 interest, P6,525Bank service charges, P45Deposit in transit, P4,158NSF check of customer deposited and returned, P378Outstanding checks, P7,731 Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries
The following information is available for the Awesome Company on March 31, 2021:Bank statement balance, March 31 - P146,570Note collectedly bank, including interest of P2,500, not yet taken up in the books - P62,500NSF check returned with the bank statement - P21,260Outstanding checks as of March 31 - P68,740Bank service charges for March - P1,285Credit memo for interest credited by bank for the month of March - P105What is the correct cash balance at March 31?
You obtained the following information on the current account of Par Company during your examination of its financial statements for the year ended December 31, 2021. The bank statement on November 30, 2021 showed a balance of P 306,000 . Among the bank credits in November was customer’s noted for P 100,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were costs of checkbooks amounting to P 1,200 and a P 40,000 check which was charged by the bank in error against Par Company account. Also in November, you ascertained that there were deposits in transit amounting to P 80,000 and outstanding checks totaling P 170,000. The bank statement for the month of December showed total credits of P 416,000 and total charges of P 204,000. The company’s books for December showed total debits of P 735,600 , total credits of P 407,200 and a balance of P485,600. Bank debit memos for December were: No. 121 for service…
Below is the bank reconciliation of CPA Company for July 2021: Balance per Bank, July 31, 2021 Add: Deposit in Transit P 750,000 120,000 P 870,000 Total Deduct: Outstanding Checks Erroneous Bank Credit Cash Balance per books, July 31, 2021 P 140,000 50,000 190,000 P 680,000 The bank statement for August 2021 contains the following data: Total deposits – P550,000; Total charges (including non-sufficient fund check of P40,000 and service charge of P2,000) – P480,000. All outstanding checks on July 31, 2021 including the bank credit were cleared in the bank in August 2021. There were outstanding checks of P150,000 and deposits in transit of P190,000 on August 31, 2021. How much were the cash disbursements per books during August 2021?