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Extracted text: ll SUN LTE VPN * 9:48 PM 79% K FAR ASSIGNMENT CASH -... Problem 1. GABRIEL Company has the following balances for the year 2018: Postage stamps 3 month-Time deposit Coins and Currencies 3,000 10,000 15,000 50,000 25,000 10,000 100,000 BDO Savings Account Checks Postdated customer checks Sinking Fund (if silent, NCA) Treasury bill purchased 12/1/2018, maturing 2/28/2019 Money market instruments (If silent, CE) Plant Expansion Fund Money orders Petty cash fund Bank drafts IOUS Treasury Bond, purchased 3/1/2018, maturing 2/28/2019 Preference share redemption fund 800,000 150,000 500,000 50,000 10,000 25,000 5,000 250,000 50,000 Таx Fund Payroll Fund Redeemable preference share, purchased 11/1/2018 due on 3/1/2019 50,000 300,000 350,000 1. How much should be reported as CASH for the year 2018? 2. How much should be reported as CASH EQUIVALENTS for the year 2018? Problem 2. At year end of 2015, SUPERA Company reported cash and cash equivalents which comprised the following: Cash on hand Demand deposit Certificate of deposit Postdated customer check Petty cash fund Traveler's check 500,000 4,000,000 2.000,000 300,000 50,000 200,000 100,000 150,000 Manager's check Money order Time deposit, purchased December 15, 2015 and due March 15, 2016 2,000,000 The cash on hand included a P200,000 check payable to JICEL, dated January 15, 2016. 3. What total amount should be reported as "cash" at year-end? 4. What total amount should be reported as "cash equivalents" at year end? Problem 3. TORQUEDO Company reported the following: Bond sinking fund Checking account in BPI (A P320,000 check is 1,500,000 still outstanding per bank statement) 3,155,000 1,135,000 50,000 175,000 500,000 Currency and coins awaiting deposit Petty cash fund including paid vouchers of 15,000 Receivables from officers and employees Deposit in a bank closed by BSP Treasury bill, purchased November 1, 2015 maturing January 31, 2016 Time deposit purchased December 1, 2015 maturing March 31,2016 3,500,000 4,000,000 5. What total amount of cash should be reported under current assets? Problem 4. FORMENTERA Company shows the following account balances in their financial records as of December 31, 2014: Checking account at Morgan Bank Checking account at Land Bank Payroll-account- National Bank Foreign bank account-restricted Postage stamps Employees' postdated checks I.O.U. from president's brother Traveler's check (20,000) 500,000 100,000 750,000 22,000 30,000 75,000 50,000 18,000 No-sufficient fund check
Extracted text: 15.000 5.000 40 000 ll SUN LTE VPN * 100,000 9:48 PM 79% K FAR ASSIGNMENT CASH -... O 0o Petty cash fund (16,000 in currency & Expenses receipts for 84,000) Cashier's checks 100,000 36,000 6. What is the correct cash balance to be reported in the statement of financial position of FORMENTERA Company on December 31, 2014 assuming the bank overdraft is repayable on demand and it's integral to the entity's cash management? Problem 5. On December 31, 2014, AGNES Company has the following information concerning its cash and cash equivalents and some other items: Coins and currency 50,000 600,000 800,000 Checks receive from customer Certificate of deposit, term: 12 months Petty cash fund Postage stamps Bank A acct. 1. Post-dated check, customer Money order from customer Cash in savings account Bank draft from customer Utility deposit to gas comm Cash advance received from customer 4,000 600 2.100,000 ,checking account balance 10.000 8,000 NSF check, C. company Cash advance to company executive, collectible upon demand Bank A-acct 2, checking account, overdraft IOUS from employees 20,000 200,000 20,000 12,000 7. What amount of cash and cash equivalents should AGNES Company report in its December 31, 2014 statement of financial position? Problem 6. DELANTAR Company reported checkbook balance on December 31, 2015 at P4,000,000. * A customer check amounting to P200,000 dated January 2, 2016 was included in the December 31, 2015 checkbook balance * Another customer check for P500,000 deposited on December 22, 2015 was included in the checkbook balance but returned by the bank for insufficiency of fund. This check was redeposited on December 26, 2015 and cleared two days later. * A P400,000 check payable to supplier dated and recorded on December 30, 2015 was mailed on January 16, 2016. * A petty cash fund of P50,000 comprised the following on December 31, 2015: Coins and currencies Petty cash vouchers 5,000 43,000 2,000 Return value of 20 cases of soft drinks * A check of P43,000 was drawn on December 31, 2015 payable to Petty Cash. 8. What total amount should be reported as cash on December 31, 2015? Problem 7. If a petty cash fund is established in the amount of P250, and contains P200 in cash and P45 in receipts for disbursements when it is replenished, 9. The journal entry to record replenishment should include credit to the following accounts. Petty Cash, P45. b. Petty Cash, P50, c. Cash, P45; Cash Over and Short, P5. d. Cash, P50.