Download intermediate accounting - cash and cash equivalents, bank reconciliation, receivables and more Exercises Financial Accounting in PDF only on Docsity!
CASH & CASH EQUIVALENTS
Required:
022 statement of financial position?
CASH & CASH EQUIVALENTS
Problem 3 Petty cash fund 70, Current account – Metrobank 4,000, Current account – BPI (overdraft) (250,000) 120-day money market placement- RCBC 1,000, Time deposit – PNB 2,000, Additional information:
- The petty cash fund includes unreplenished December 2022 petty cash expense vouchers for P15,000 and an
- A check for P100,000 was drawn against Metrobank current account dated and recorded December 27, 2022
- The PNB time deposit is set aside for land acquisition in early January 2023 Required: What should be reported as cash and cash equivalents on December 31, 2022? Petty cash fund 70, Less: Voucher (15,000) Employee check (5,000) 50, Current account – Metrobank 4,000, Add: Undelivered check 100, 4,100, CASH AND CASH EQUIVALENTS 12/31/22 4,150,
30 does not appear on the bank statement Company and credited the proceeds of P950,000 to the entity’s account yment of an account payable had been recorded in the entity’s records at P20, sary Company had received from a customer on June 26 B. Bank to book method: (SQUEEZE) BALANCE PER BANK 8,300, Add: Deposits in transit 1,000, Less: Outstanding checks 300, BOOK BALANCE 9,000,
BANK RECONCILATION & PROOF OF CASH
Problem 5 Balance per bank statement 2,000, Balance per book 850, Outstanding checks (including certified check of P100, 500, Deposit in transit 200, December NSF check (of which P50,000 had been rede 150, Erroneous credit to Endemic account, representing pro 300, Proceeds of note collected by bank for Endemic, net of 750, Required: Adjusted cash balance Adjusted balance method: Balance per bank 2,000,000. Add: Deposits in transit 200,000. Less: Outstanding checks (400,000.00) (500,000-100,000) Bank error (300,000.00) ADJUSTED BANK BALANCE 1,500,000. Balance per book 850,000. Add: Proceeds of note collected (credit memo) 750,000. Less: NSF check (debit memo) (100,000.00) (150,000-50,000) ADJUSTED BOOK BALANCE 1,500,000.
B.
C.
RECEIVABLES
Problem 8 On January 13, 2022, Karen Co. sold on account goods with selling price of P300,000 with terms of 2/10, n/30. F Required: How much net cash did Karen receive from the buyer if the freight terms are: a. FOB destination, freight prepaid b. FOB destination, freight collect c. FOB shipping point, freight prepaid d. FOB shipping point, freight collect Selling/List price 300, Sales discount -6000 (within the discount period) Discount price 294, A. FOB destination, freight prepaid Discount price 294, Freight 0 NET CASH, FOB destination, freight prepaid 294,000 (no amount to be received) B. FOB destination, freight collect Discount price 294, Freight -5, NET CASH, FOB destination, freight collect 289, C. FOB shipping point, freight prepaid Discount price 294, Freight 5, NET CASH, FOB shipping point, freight prepaid 299, D. FOB shipping point, freight collect Discount price 300, Freight 5, NET CASH, FOB shipping point, freight collect 305,
000 with terms of 2/10, n/30. Freight costs amounted to P5,000. The goods were received by the buyer on January 15, 2022. Karen Co. e discount period) nt to be received)
RECEIVABLES
Problem 9
