Cash in banks $1,300,000 Petty cash funds (all funds were reimbursed on December 31, 2019) Cash legally restricted for additions to plant (expected to be disbursed in 2021) 20,000 2,000,000
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Greenfield Company had the following cash balances at December 31, 2019:
Cash in banks includes $300,000 of compensating balances against short-
term borrowing arrangements at December 31, 2019. The compensating
balances are not legally restricted as to withdrawal by Greenfield. In the
current assets section of Green-field's December 31, 2019,
what total amount should be reported as cash?
a. $1,020,000
b. $1,320,000
c. $3,020,000
d. $3,320,000
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- Problem 1-13 (AICPA Adapted) Joana Company had the following account balances on December 31, 2020: Petty cash fund Cash on hand Cash in bank- current account Cash in bank -payroll account Time deposit Cash in bank - restricted account for plant addition, expected to be disbursed in early 2021 Cash in sinking fund set aside for bond payable due June 30, 2021 50,000 500,000 4,000,000 1,000,000 2,000,000 | 500,000 1,500,000 The petty cash fund included unreplenished December 2020 petty cash expense vouchers of P5,000 and employee IOU of P5,000. The cash on hand included a P100,000 check payable to the entity dated January 31, 2021. What total amount should be reported as cash and cash equivalents on December 31, 2020? a. 6,940,000 b. 8,940,000 c. 7,940,000 d. 7,440,000 27On 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?World Bank loaned P9,000,000 to a Problem 7-13 (IAA) borrower on January 1, December 31, 2021. The bank considered the loan impaired and projected the cash flows from the loan on December 31, 2022. The bank has Amount projected on December 31, 2022 1,500,000 2,000,000 2,500,000 3,000,000 accrued the interest on December 31, 2022. Date of cash flow December 31, 2023 December 31, 2024 December 31, 2025 December 31, 2026 The present value of 1 at 12% is .89 for one period, .80 for two periods, .71 for three periods, and .64 for four periods. 1. What amount should be reported as loan impairment loss for 2022? a. 2,370,000 b. 3,450,000 c. 6,630,000 d. 2,450,000 2. What amount should be reported as interest income for 2023? 795,600 b. a. 900,000 180,000 d. C. 0. 3. What is the carrying amount of the loan receivable on December 31, 2023? a. 5,925,600 b. 4,845,600 c. 6,330,000 d. 7,500,000
- Argentina Company reported the following accounts on Problem 1-2 (IAA) December 31, 2020: Cash on hand 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 Petty cash fund Security Bank current account PNB current account BDO current account (overdraft) BSP treasury bill-120 days BPI time deposit -90 days Bond sinking fund The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000 The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents. 1944. On December 31, 2019, Cherry Company had the following cash balances: Cash in Bank 3,000,000 20,000 500,000 Petty cash fund (unreplenished expenses, P5,000 on 12/31/19) Time deposit, due March 1, 2020, six months Cash in bank included P200,000 of compensating balance against short term borrowing arrangement on December 31, 2019. The compensating balance is legally restricted as to withdrawal of Cherry. In the correct assets section of the December 31,2019 balance sheet what total amount should be reported as cash and cash equivalents? A. P3,315,000 B. P3,320,000 C. P2,815,000 D. P2,820,000Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________
- Petty cash fund 50,000 Cash on hand 500,000 Cash in bank – current account 4,000,000 Cash in bank – payroll account 1,000,000 Time deposit 2,000,000 Cash in bank – restricted account for plant addition, expected to be disbursed in early 2021 500,000 Cash in sinking fund set aside for bond payable due June 30, 2021 1,500,000 The petty cash fund included unreplenished December 2020 petty cash expense vouchers of P5,000 and employee IOU of P5,000. The cash on hand included a P100,000 check payable to the entity dated January 31, 2021. What total amount should be reported as cash and cash equivalents on December 31, 2020?On December 31, 2020, Allan Company had the following cash balances: Cash on hand and in bank 4,000,000 Cash restricted for bonds payable due on June 30, 2021 13,000 Time deposit 1,500,000 Savings deposit set aside for dividends payable on June 30, 2021 500,000 Cash in bank includes P175,000 of compensating balance against short term borrowing arrangement at December 31, 2020. The compensating balance is legally restricted as to withdrawal by Allan. A check of P75,000 dated January 15, 2021 and in payment of accounts payable was recorded and mailed on December 31, 2020. In the current assets section of the December 31, 2020statement of financial position, what amount should be reported as "cash and cash equivalents"? P5,913,000 P4,413,000 P5,900,000 P3,913,000.On December 31, 2021, Alfonso Company had the following cash balances:Cash in bank, 15,000,000Petty cash fund, 50,000Time deposit 5,000,000Savings deposit 2,000,000Cash in bank includes P500,000 of compensating balance against short term borrowing arrangement at December 31, 2021. The compensating balance is legally restricted as to withdrawal by Alfonso. A check of P300,000 dated January 15, 2022 in payment of accounts payable was recorded and mailed on December 31, 2021. In the current assets section of the December 31, 2021 statement of financial position, what amount should be reported as “cash and cash equivalents”? 14,850,000 16,850,000 21,800,000 21,850,000
- On December 31, 2020, Hunter X Hunter Company reported cash of P12,350,000 which comprised the following: Undeposited collections PhP 500,000 Cash in bank – BDO checking account 3,000,000 Undeposited NSF check received from the customer, dated December 1, 2020 250,000 Undeposited check from a customer, dated January 15, 2021 400,000 Cash in bank – BDO fund for payroll 2,000,000 Cash in bank – BDO money market instrument, 90 days 3,000,000 Cash in foreign bank restricted…PROBLEM 1 Argentina Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Security bank current account PNB current account BDO current account (overdraft) BSP treasury bill - 120 days BPI time deposit - 90 days Bond sinking fund P1,000,000 50,000 2,000,000 1,500,000 (200,000) 3,000,000 2,000,000 2,500,000 • The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. • The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. • The BPI time deposit is set aside for acquisition of land to be made in early January 2021. • The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents.Onshort December 31, 2018 Delectable Company had the following cash balances: Demand deposit account 5,000,000 Petty cash fund (all funds wer4e reimbursed at year end) 50,000 Time deposit - three months due January 15, 2019 2,000,000 Savings deposit 1,000,000 The demand deposit includes P200,000 of compensating balance arising from long term borrowing arrangement. The compensating balance is not legally restricted as to withdrawal. How much is the total amount of cash and cash equivalents tok be reported as at December 31, 2018?
