What should be reported as cash and cash equivalents on December 31, 2021? On December 31, 2021 Mickey Mouse Corporation's trial balance includes the followingaccounts:Petty cash fund100,0001,500,0003,500,000(150,000)2,000,0001,000,000Current account – BPICurrent account – BDOCurrent account – Metrobank (overdraft)120-day Money market placement – UCPBTime deposit – PNBAdditional Information:• The petty cash fund includes unreplenished December 2021 petty cash expense vouchers forP25,000 and an employee check for P5,000 dated January 31,2022.• A check for P100,000 was drawn against BDO current account dated and recorded December27, 2021 but delivered to payee on January 10, 2022.• A check for P325,000 was drawn against BPI account. The check was duly delivered to thepayee on December 28, 2021 and dated January 4, 2022.• A customer's check amounting to P250,000 dated December 23,2021 was included in BPIcurrent account. However, the check was returned by the bank on December 28, 2022 due toinsufficient balance of the customer to its account.• The PNB time deposit is set aside for land acquisition in early January 10,2022.

Cash & Cash Equivalent Cash & Cash equivalent refers to an item that is presented in the…

Answered: On December 31, 2021 Mickey Mouse…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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
The trial balance of MasqueCompany at December 31, 2021includes the following accounts: Petty cash fund –P15,000; Cash on hand –P190,700; Metrobank current account –P310,200; Allied Bank current account #1 –P320,000; Allied Bank current account #2 –P40,000 credit; Security Bank savings account –P150,000. Additional information: 1.The petty cash fund consisted of the following items as of December 31, 2021: •Currency and coins, P8,500• Employees’ advances, P1,800 •Currency in an envelope marked “collections for charity” with employees’ names attached, P2,000 •Unreplenished petty cash vouchers, P2,240 •Replenishment check drawn by MasqueCompany payable to the petty cashier, P2,320 2.Cash on hand includes the following items: •Customer’s check for P30,000 returned by bank on December 26, 2021 due to insufficient funds, but subsequently redeposited and cleared by the bank on January 10, 2022. •Postal money orders received from customers, P18,000• Customer’s check for P15,000 dated…
The December 31,2020 trial balance of DDD Company includes the followingaccounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill – 60 days 6,000,000 BPI time deposit – 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021. ● A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020. ● The BPI time deposit is set aside for acquisition of land to be used asafactory site. What amount of cash and cash equivalents should be reported in statementof financial position on December 31,2020?
The December 31,2020 trial balance of DDD Company includes the followingaccounts:Cash on hand 1,000,000Petty cash fund 40,000Security Bank current account 2,000,000PNB Current account No. 1 800,000PNB Current account No. 2 ( 100,000)BSP Treasury bill – 60 days 6,000,000BPI time deposit – 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 andpostal money order of P80,000.  The petty cash fund includes unreplenished petty cash vouchers for P4,000and an employee check for P6,000 dated January 31,2021.  A check for P400,000 was drawn against Security Bank account, datedJanuary 15,2021, delivered to the payee and recorded December 31,2020.  The BPI time deposit is set aside for acquisition of land to be used as afactory site.4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?
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On 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?
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 be
The December 31,2020 trial balance of DDD Company includes the following accounts: Cash on hand 1,000,000 Petty cash fund 40,000 Security Bank current account 2,000,000 PNB Current account No. 1 800,000 PNB Current account No. 2 ( 100,000) BSP Treasury bill - 60 days 6,000,000 BPI time deposit - 30 days 4,000,000 The cash on hand includes a customer post-dated check of P200,000 and postal money order of P80,000. The petty cash fund includes unreplenished petty cash vouchers for P4,000 and an employee check for P6,000 dated January 31,2021. A check for P400,000 was drawn against Security Bank account, dated January 15,2021, delivered to the payee and recorded December 31,2020. The BPI time deposit is set aside for acquisition of land to be used as a factory site. 4. What amount of cash and cash equivalents should be reported in statement of financial position on December 31,2020?
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…
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?
Ace company provided the following information on December 31,2020: Petty cash fund 50,000 Current account - First Bank 4,000,000 Current account - Second Bank (250,000) Money market placement – Third Bank 1,000,000 Time deposit - Fourth Bank 2,000,000 The petty cash fund included unreplenished December 2020 petty cash expense vouchers for P15,000 and an employee check for P5,000 dated January 31,2021 A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021 The Fourth Bank time deposit is set aside for land acquisition in early January 2021 What total amount should be reported as cash and cash equivalents on December 31, 2020?

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