Reference no: EM133087122
Questions -
Q1. The following balances are extracted from the records of CPA Corporation as of December 31, 2021:
Commercial savings account, BDO- P1,500,000
Commercial checking account, BDO- P1,800,000
Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000
Cash fund for retirement of long-term debt- P2,000,000
Petty cash fund- P20,000
I.O.U. from an officer- P50,000
Bank overdraft, BPI- P450,000
Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000
Check received from customer dated January 2, 2022- P175,000
Maintaining balance at BDO to ensure future credit availability- P200,000
Currency and coin on hand not yet deposited - P25,000
How much will be reported as cash and cash equivalents on December 31, 2021?
Q2. The books of CPA Company disclosed a cash in bank balance of P38,295 on December 31, 2021. Meanwhile, the bank statement as of December 31, showed a balance of P71,364. Additional information that might be useful in reconciling the two balances follows:
A note collected by the bank was credited to the company's account amounting to P180,000. No entry has been made yet in relation to the note.
Supplier checks dated and released December 2021 amounting to P601,278 has not yet cleared the bank.
Receipts of January 2022 totaling P199,000 was recorded by the company during December 2021.
Deposits in transit as of December 31, 2021 amounted to P549,209.
What is the adjusted 'cash in bank' balance as of December 31, 2021?
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