CASH-AND-CASH- Equivalents- mft PDF

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CASH AND CASH EQUIVALENTS 1. In determining the amount to be reported by Amber Company on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified;  Undeposited receipts (currency and coins on hand), P90,000  Travel advances of P60,000 for executive officer’s travel for the first quarter of next year  BDO cash fund in the amount of P200,000 is restricted for the acquisition of machinery for use. The amount reported under cash and cash equivalents is 2. In determining the amount to be reported on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified;  BPI demand deposit account, P200,000  Postal money orders, P90,000  Petty cash fund (includes P5,000 in expense receipts) P25,000  Money market fund held at BPI that permits Blossom Company to writechecks on this fund, P400,000 The amount reported under cash and cash equivalents is 3. In determining the amount to be reported on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified;  Correct cash balance in BPI, restricted for payroll payment, P120,000  Special account in BDO used as a bond sinking fund, P500,000  Treasury warrants, P80,000  Check from a customer on hand dated January 2, 2019; P90,000  Traveler’s checks on hand, P150,000  Utility deposit receipt (made to Cedar Company), P50,000  Checks to suppliers on hand (dated December 29, 2018), P140,000 The amount reported under cash and cash equivalents is 4. In determining the amount to be reported on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified;  MBTC current account, per bank statement, company’s checks of P120,000 are outstanding 800,000 as of December 31, 2018  BPI current account, per ledger, company’s checks of P70,000 are outstanding as of 650,000 December 31, 2018 The amount reported under cash and cash equivalents is 5. In determining the amount to be reported on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified;  BDO checking account, includes a P120,000 compensating balance maintained in relation to an existing short-term loan which is restricted as 1,500,00 to withdrawal 0  AUB checking account, includes a P250,000 compensating balance maintained in relation to 2,000,0 an existing long-term loan which is not 00 restricted as to withdrawal  Bank of Commerce checking account, in which Clementine Company is required to maintain a minimum average balance of P150,000 at all 2,000,0 times to insure future credit availability 00 The amount reported under cash and cash equivalents is 6. Emerald Company has the following investments of excess cash as of December 31, 2018  3-month treasury bill, P150,000  6-month treasury bill, maturing on February 28, 2016, P200,000

1-year treasury bill, acquired on December 15, 2018, maturing on February 28, 2018, P300,000  30-day Certificate of time deposit, P120,000  180-day Certificate of time deposit, P220,000 The amount included as cash equivalents in its December 31, 2018 statement of financial position is

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7. Forest Company has the following investments of excess cash as of December 31, 2018  8%, one-year term bonds, issue date February 1, 2018 acquired on October 1, 2018, P400,000  9%, one-year term bonds, issue date March 1, 2018 acquired on December 1, 2018, P350,000  100,000, ordinary shares acquired on December 20, 2018, P300,000  5,000, 8%, P50 par value redeemable preferred shares acquired on November 1, 2018. The redemption date will be on April 1, 2018. The amount included as cash equivalents on its December 31, 2018 balance sheet is 8. In determining the amount to be reported on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified; Philippine National Bank CA-000-T722W-000111000 2,500,000 CA-000-T722W-000112000 (200,000) Standard Chartered Bank (100,000) The amount reported under cash and cash equivalents is 9. In determining the amount to be reported on its December 31, 2018 balance sheet as cash and cash equivalents, the following items were identified; Florence Bank, opened in December $25,00 17, 2018 0 Naples Bank, opened in December $30,00 23, 2018 0 Urban Bank (a closed bank) 100,00 0 The dollar account in Naples Bank is currently restricted as to withdrawal pending a congressional inquiry. The exchange rates for specific dates are as follows: December 17, P50; December 23, P51; December 31, P54; January 8, 2016, P59 (date the financial statements were prepared) The amount reported under cash and cash equivalents is 10.On December 1, 2018, Hazel Company established an imprest petty cash fund of P9,000 by writing a check drawn against its general checking account. On December 31, the fund contained the following: Currency and coins P 2,500 Receipts for miscellaneous expenses 2,200 Receipts for office supplies 2,400 Envelope containing contributions of 1,100 employees Receipts for transportation 400 On December 31, the petty cash fund was replenished The amount of the replenishment check is 11.Iris Company established a petty cash fund of P4,000 for incidental expenses on June 1, 2018. At the end of the month, the count of cash on hand indicated that P210 remained in the fund. A sorting of the petty cash vouchers disclosed the following expenses had been incurred during the month: Office supplies P 640 Transportation P 980 Postage 1,210 Miscellaneous 870 The amount of cash shortage (overage) is...