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We were Bang Quay's coworkers. Words may not be Adequate to express how sorry we feel. Please accept our heartfelt sympathies on the loss of your love one." The following Information pertains to Tipid Bank current account: • A check for P13,000 was dated and recorded on December 29, 2018, but was delivered to payee on January 5, 2019. 1,500 P20,000 • A check for P5,000 dated January 10 2019, payable to a supplier was recorded and released to payee on December 19 2018. Tipid Bank required current account depositors to maintain a monthly average daily balance of P50,000. What total amount should be recorded as cash and cash equivalents on December 31, 2018? PROBLEM 3 The controller the LYRIC CO. is trying to determine the amount of cash and cash equivalents to be reported on its December 31, 2018, statement of financial position. The following information is provided: 1. Balances in the company's accounts at the Monte Bank: . Checking account-P540,000 . Saving account- PS34,000. 2. Undeposited customer checks of P208,000. 3. Currency and coins on hand of P23,200. 4. Savings account at the Naic Bank with a balance of P350,000. This account is being used to accumulate cash for future plant expansion (in 2020). 5. P800,000 balance in a checking account at the Naic Bank 6. Treasury bills; 30-day maturity bills totaling P600,000, and 180-day bills totaling P800,000. On December 31, 2018, what amount should be reported as cash and cash equivalents? PROBLEM 4 The following facts apply to OTO Company during 2018: 1. Savings account of P900,000 and a checking account balance of P1,200,000 are held at Manila Bank 2. Money market placement with maturity of 3 months, P7,500,000. 3. Currency and coins on hand amounted to P11,550. 4. Travel advances of P27,000 for the first quarter of next year (employee reimbursement will be through salary deduction). 3. Oto Company has purchase P3,150,000 of commercial paper of Mendez Corp. which is due in 60 days. 6. A separate cash fund amounting to P2,250,000 is restricted for the retirement of long- term debt. 7. Patty cash fund of P1,500. 8. An IOU from an employee of Oto Company in the amount of P2,000. 9. Two certificates of deposit, each totaling P500,000. These CDs have a maturity of 120 days. 10. Oto Company has received a check from a customer in the amount of P187,500 dated January 15, 2019. 11. On January 1, 2018, Oto Company purchased marketable equity securities to be held as "trading" for P3,000,000. On December 31, 2018, its market value is P4,300,000. What amount should be reported as cash and cash equivalent on December 31, 2018? We were Bang Quay's coworkers. Words may not be Adequate to express how sorry we feel. Please accept our heartfelt sympathies on the loss of your love one." The following Information pertains to Tipid Bank current account: • A check for P13,000 was dated and recorded on December 29, 2018, but was delivered to payee on January 5, 2019. 1,500 P20,000 • A check for P5,000 dated January 10 2019, payable to a supplier was recorded and released to payee on December 19 2018. Tipid Bank required current account depositors to maintain a monthly average daily balance of P50,000. What total amount should be recorded as cash and cash equivalents on December 31, 2018? PROBLEM 3 The controller the LYRIC CO. is trying to determine the amount of cash and cash equivalents to be reported on its December 31, 2018, statement of financial position. The following information is provided: 1. Balances in the company's accounts at the Monte Bank: . Checking account-P540,000 . Saving account- PS34,000. 2. Undeposited customer checks of P208,000. 3. Currency and coins on hand of P23,200. 4. Savings account at the Naic Bank with a balance of P350,000. This account is being used to accumulate cash for future plant expansion (in 2020). 5. P800,000 balance in a checking account at the Naic Bank 6. Treasury bills; 30-day maturity bills totaling P600,000, and 180-day bills totaling P800,000. On December 31, 2018, what amount should be reported as cash and cash equivalents? PROBLEM 4 The following facts apply to OTO Company during 2018: 1. Savings account of P900,000 and a checking account balance of P1,200,000 are held at Manila Bank 2. Money market placement with maturity of 3 months, P7,500,000. 3. Currency and coins on hand amounted to P11,550. 4. Travel advances of P27,000 for the first quarter of next year (employee reimbursement will be through salary deduction). 3. Oto Company has purchase P3,150,000 of commercial paper of Mendez Corp. which is due in 60 days. 6. A separate cash fund amounting to P2,250,000 is restricted for the retirement of long- term debt. 7. Patty cash fund of P1,500. 8. An IOU from an employee of Oto Company in the amount of P2,000. 9. Two certificates of deposit, each totaling P500,000. These CDs have a maturity of 120 days. 10. Oto Company has received a check from a customer in the amount of P187,500 dated January 15, 2019. 11. On January 1, 2018, Oto Company purchased marketable equity securities to be held as "trading" for P3,000,000. On December 31, 2018, its market value is P4,300,000. What amount should be reported as cash and cash equivalent on December 31, 2018?
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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