Reference no: EM132742588
Questions -
Q1. On December 31, 2020, Oust The Turtle Corporation had the following:
Petty Cash Fund 200,000
Cash in bank A 123,456
Time deposit acquired April 21, 2020, maturing on January 1, 2021 2,500,555
Treasury Bills maturing on December 31, 2021, acquired on December 31, 2020 2,000
Cash in Bank B 676,777
Cash in Bank C 711,711
Cash in Bank B is set aside for purchase of vehicles
Cash in Bank A is frozen by the court by virtue of a case filed by the Bureau of Internal Revenue
How much should be reported as cash on December 31, 2020?
Q2. T Corporation's petty cash fund, which has an imprest balance of P5,000 showed a composition when counted as follows:
Bills 1,000
Coins 40
Vouchers - Transportation 1,200
Vouchers - Gasoline 889
Vouchers - Supplies 1,872
How much is petty cash fund?
Q3. In connection with your audit of Big Brother Corp. for the year ended December 31, 2014, you gathered the following information:
Current account at BPI P6,000,000
Current account at Equitable PCI Bank (300,000)
Payroll account 1,500,000
Foreign bank account - restricted (in USD) ** 60,000
Postage stamps 3,000
Employee's post-dated check 12,000
IOU from a key officer 30,000
Credit memo from a vendor for a purchase return 60,000
Traveler's check 150,000
Customer's not-sufficient-funds check 45,000
Money orders 90,000
Petty cash fund (P12,000 in currency and expense vouchers For P17,500) 30,000
Treasury bills, due 3/31/15 (purchased 12/31/14) 600,000
Treasury bills, due 1/31/15 (purchased 1/1/14) 900,000
Change fund 10,000
Bond sinking fund 1,000,000
**current exchange rate as of December 31, 2014 is at P50 for every USD1.
What is the total cash and cash equivalent?