Reference no: EM132782124

Question 1 - Oust the Turtle Company had the following account balances on December 31, 2020:

Cash in bank A - rank and file payroll account 200,000

Cash in bank B - savings account 123,456

Cash in bank C - checking account 2,500,555

Cash in bank D - savings account 2,000

Cash in bank E - checking account 676,777

Cash in bank F - managerial payroll account 711,711

Cash in bank E was set aside for plant expansion planned to start on January 15, 2021. Cash in bank C was used on February 14, 2021 to buy land.

Required - How much should be reported as cash on December 31, 2020?

Question 2 - M Company had the following account balances on December 31, 2020:

Cash in Bank A- rank and file payroll account 200,000

Cash in Bank B- Savings Account 123,456

Cash in Bank C- checking account 2,500,555

Cash in Bank D- savings account 2,000

Cash in Bank E- checking account 676,777

Cash in Bank F- managerial payroll account 711, 711

Cash on bank C is set aside for payment of bonds payable, acquired on October 14, 2014, due on December 31, 2021.

Cash in bank E is segregated for purchase of inventories

Required - How much should be reported as cash on December 31, 2020?

Question 3 - J Company has the following balances on December 31, 2020:

Cash on hand 4, 500.00

Cash in bank A 33, 000.00

Cash in bank X 50, 000.00

Cash in bank C 822, 999.72

Cash on hand includes $3. Exchange rate on balance sheet date is P50.25: $1

Oust the Turtle Company released a check (Cash in bank X) dated January 1, 2021 worth P55, 000 on December 20, 2020.

Oust the Turtle Company wrote a check (Cash in bank C) worth P2, 001.28 dated and released on December 31, 2020.

Required - How much is the Oust the Turtle Company's cash on December 31, 2020?