Reference no: EM133070599
Questions -
Q1. Orange Company's checkbook balance at December 31, 2019 was P123,450. In addition, Orange held the following items in its safe on that date.
Check payable to Orange, deposited December 15 and included in December 31 checkbook balance, but returned by the bank on December 30 stamped "NSF". The check was redeposited on January 2, 2020 and cleared on January 9, 2020. - P12,500
Check payable to Orange dated January 2, 2020 in payment of a sale made in December 2019, not included in December 31 checkbook balance. - P15,000
Check drawn on Orange's account, payable to a vendor, dated and recorded in Orange's books on December 31, but not mailed until January 10, 2020. - P8,275
What is the amount of cash in Orange's December 31, 2019 statement of financial position?
a. P127,675
b. P123,450
c. P119,225
d. P104,225
Q2. The following data pertains to Apple Trading on April 30:
Correct cash balance in a general checking account with BDO - P320,000
Overdraft in a special checking account with Landbank (Apple Trading does not have another account with Landbank) - P20,000
Cash accumulated in a special fund that will be used for plant expansion in five years. - - P150,000
Cash surrender value of life insurance policy - P32,000
Cash travel advances in the hands of sales personnel - P12,000
Currency and coins in petty cash fund (the company has not replenished the fund to the imprest amount of P2,000) - P580
How much cash should Apple report on April 30?
a. P332,580
b. P320,580
c. P322,000
d. P302,000
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