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What is the total amount should be reported as cash

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Reference no: EM133133953

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Q1. Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items in the safe:

Check payable to Suga, dated January 4, 2021, included in the December 31 checkbook balance- P3,000,000

Check payable to Suga, deposited December 20 and included in the December 31 checkbook balance but returned by bank on December 30, stamped NSF. The check was redeposited on January 2, 2022 and cleared January 3, 2022- P1,000,000

Check drawn on Suga's account and payable to contractor, dated and recorded December 31 but not mailed until January 15, 2022- P1,500,000

Cash on hand - undeposited collections- P500,000

Change fund- P10,000

Time deposit for plant expansion- P1,000,000

Treasury bill- P2,500,000

Money market placement- P3,000,000

Postage stamps- P5,000

What is the total amount should be reported as cash on December 31, 2021?

Q2. A building was acquired on January 1, 2019 at an original cost of P16,000,000, with zero residual value. Depreciation is computed using Double Declining Balance Method. Useful life in years is 20 years.

On December 31, 2020, the building is appraised at a fair market value of P14,460,000.

The appraisal results are to be recognized in the accounts considering the same remaining life for the building.

How much is the amount to be credited to revaluation surplus at December 31, 2020?

Q3. On July 1, 2020, Zelensky Company, a calendar-year company, purchased a machine for a cash price of P800,000, with an estimated useful life of 10 years and estimated residual value of P70,000. The company uses double declining balance method. It is the company's policy to depreciate its assets to the nearest month.

During 2022, P131,500 was spent on an upgrade to the machine in order to improve its efficiency and increase the inflow of economic benefits over the machine's remaining life. In addition, management decided to change to the straight-line method of depreciation, maintaining its residual value of P70,000.

What is the revised depreciation expense for the year ended December 31, 2022?

Reference no: EM133133953

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