Reference no: EM132792361
Questions -
Q1. Company A had the following account balances on December 31, 2019:
Cash in bank A - rank and file payroll account 200,000
Cash in bank B - savings account 123,456
Cash in bank C - checking account1 2,500,555
Cash in bank D - savings account 2,000
Cash in bank E - checking account2 676,777
Cash in bank F - managerial payroll account 711,711
1. Set aside for payment of bonds payable, acquired on October 14, 2014, due on December 31, 2020.
2. Set aside for purchase of inventories.
How much should be reported as cash on December 31, 2019?
Q2. On December 31, 2019, Company A had the following:
Petty cash fund 200,000
Cash in bank A 123,456
Time deposit acquired on April 1, 2019, maturing on January 1, 2020 2,500,555
Treasury bills maturing on December 31, 2020, acquired on December 31, 2019 2,000 Cash in bank B1 676,777
Cash in bank C2 711,711
1 Set aside for purchase of vehicles
2 Frozen account by the Bureau of Internal Revenue
How much should be reported as cash on December 31, 2019?
Q3. On December 31, 2019, Company A had the following:
Petty cash fund 200,000
Cash in bank A 123,456
Time deposit acquired on April 1, 2019, maturing on January 1, 2020 2,500,555
Treasury bills maturing on December 31, 2020, acquired on December 31, 2019 2,000 Cash in bank B1 676,777
1 Set aside for purchase of building
How much should be reported as current assets on December 31, 2019?