Reference no: EM132633287
Questions -
Q1. Joana Company had the following account balances December 31, 2014:
Petty cash fund 50,000
Cash on hand 500,000
Cash in bank- current 4,000,000 Cash in bank- payroll 1,000,000 Time deposit 2,000,000
Cash in bank- restricted account for plant addition, expected tobe disbursed in 2015 500,000
Cash in sinking fund set aside for bond payable due on June 30, 2015 1,500,000
The petty cash fund included unreplenished December 2014 petty cash expense vouchers of P 5,000 and employee IOU of P 5,000.
The cash on hand included a P 100,000 check payable to the entity dated January 31, 2015.
What total amount should be reported as Cash and cash equivalent on December 31, 2014?
a. 6,940,000 b. 8,940,000 c. 7,940,000 d. 7,440,000
Q2. Yasmin Company provided the following on December 31, 2020: Petty cash fund 50,000
Current account -First Bank 4,000,000
Current account - Second Bank (overdraft) (250,000)
Money market placement - Third Bank 1,000,000
Time deposit - Fourth Bank 2,000,000
A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021.
The Fourth Bank time deposit is set aside for land acquisition in early January 2021.
What total amount should be reported as cash and cash equivalents on December 31, 20120?
a. 5,050,000 b. Joana Company had the following account balances December 31, 2014:
Q3. Petty cash fund 50,000
Cash on hand 500,000
Cash in bank- current 4,000,000 Cash in bank- payroll 1,000,000 Time deposit 2,000,000
Cash in bank- restricted account for plant addition, expected tobe disbursed in 2015 500,000
Cash in sinking fund set aside for bond payable due on June 30, 2015 1,500,000
The petty cash fund included unreplenished December 2014 petty cash expense vouchers of P 5,000 and employee IOU of P 5,000.
The cash on hand included a P 100,000 check payable to the entity dated January 31, 2015.
What total amount should be reported as Cash and cash equivalent on December 31, 2014?
a. 6,940,000 b. 8,940,000 c. 7,940,000 d. 7,440,000
Q4. Yasmin Company provided the following on December 31, 2020: Petty cash fund 50,000
Current account -First Bank 4,000,000
Current account - Second Bank (overdraft) ( 250,000)
Money market placement - Third Bank 1,000,000
Time deposit - Fourth Bank 2,000,000
A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021.
The Fourth Bank time deposit is set aside for land acquisition in early January 2021.
What total amount should be reported as cash and cash equivalents on December 31, 20120?
a. 5,050,000 b. 5,150,000 c. 4,900,000 d. 4,150,000 5,150,000 c. 4,900,000 d. 4,150,000