Reference no: EM132934997
Questions -
Q1) On December 31, 2020, ABC Company had the following balances: Cash in BDO per bank statement, net of overdraft of P 50,000 P 2,500,000 Petty cash fund 100,000 Time deposit (acquired on October 15,2020 due Jan 15,2021) 350,000.
Cash per bank statement includes P 150,000 compensating balance against short-term borrowing arrangement on December 31,2020. The compensating balance is not legally restricted for withdrawal.
There are outstanding checks of P 50,000 and deposits in transit of P 10,000.
There is no right of offset exist between the depositor and the bank(BDO).
The petty cash fund includes expense vouchers of P 20,000 and IOUs from employees of P 10,000.
The company has the policy of recognizing items as cash equivalents if it is acquired 4 months or less before the date of maturity. What total amount should be reported as cash and cash equivalents at December 31, 2020 on the statement of financial position?
-3,170,000
-2,580,000
-2,970,000
-2,930,000
Q2) On August 5,2019, ABC Company sold P 500,00 worth of inventories with trade discounts of 10%,15%,25%, terms: 2/10,n/30. How much cash was received by ABC Company if on August 7, 2019, there were sales returns of P 25,000 and the customer paid on August 14,2019? Assume the company uses the allowance method to account for their sales discount.
-P500,000
-P267,080.63
-P272,531.25
-P475,000
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