Answer the following problems with proper solution of how to get the answers
Problem 7-26 (PHILCPA Adapted) Marjorie Company established a petty cash fund of P50,000 with the following information: Coins and currency 22,000 Petty cash vouchers: Gasoline 3,000 Medical supplies 1.000 Repairs 1.500 IOU from an employee 3.500 Check drawn payable to the order of Ann Cruz, petty cash custodian, representing her salary 15,000 Check of an employee returned by bank marked "NSF" 3.000 A sheet of paper with the names of several employees together with a contribution for a birthday party and attached to the sheet of paper is a currency of 5,000 What amount of petty cash fund should be reported? a. 42,000 b. 27,000 C . 37,000 d. 22,000 Problem 7-27 (PHILCPA Adapted) Admirable Company had a petty cash fund which included the following details: Coins and currency 2,000 Paid vouchers Transportation GOO Gasoline 400 Office supplies 500 Postage stamps 300 Due from employees 1,200 3,000 Employee's check returned by bank marked "NSF" 1,000 Check drawn to the order of of petty cash custodian 4,000 What amount of petty cash should be reported? a. 10,000 b. 7,000 C. 6,000 d. 9,000 215Problem 7-16 (PHILCPA Adapted) Problem 7-14 (AICPA Adapted) Ther Company provided the following data on December 31, At year-end. Rabid Company reported a cash balance of p5, 250,000 which included the following 2017: 4,000,000 Checkbook balance 5,090,000 Petty cash fund Bank statement balance Undeposited receipts, including a postdated customer 50,000 Check drawn on Thor's account, payable to supplier. check of P200,000 dated and recorded on Decemberal, 2017 but not 500,000 Cash in bank 1300,000 mailed until January at, 2018 2000,000 Cash in sinking fund 2 500,000 Cash in sinking fund On December 31, 2017, what amount should be reported an Voucher paid out of collections, not yet recorded 1,000,000 IOUs signed by employees 250,000 "cash" under current assets? 150,000 Total a 4,500,000 5.250,000 b.3 5.500,000 What total amount should be reported as "cash" in the statement c. 3,500,000 of financial position at year end? d. 6,500,000 Problem 7-15 (AICPA Adapted) a 3,650,000 Joana Company had the following account balances on b. 3,850,000 December 31, 2017: 1,650,000 d. 4,050,000 Petty cash fund 50.000 Cash on hand 500,000 Cash in bank - current account 4,000,000 Problem 7-17 (AICPA Adapted) Cash in bank - payroll account 1,000,000 Time deposit 2,000,000 Cash in bank - restricted account for plant addition, On December 31, 2017. Kibitzer Company had the following expected to be disbursed in 2018 500,000 Cash in sinking fund set aside for bond payable due balances in the bank accounts it maintains at First Bank June 30, 2018 1,500,060 Checking account # 101 1,750,000 The petty cash fund included unreplenished December 2017 Checking account # 201 ( 100,000) petty cash expense vouchers of P5,000 and employee IOU of Time deposit account - 30 day's 250,000 P5,000. 90-day treasury bill, due February 28, 2018 600,000 The cash on hand included s P100,000 check payable to the 180-day treasury bill, due March 15, 2018 800.000 entity dated January 31, 2018. On December 31, 2017, what total amount should be reported What total amount should be reported as cash and cash equivalents on December 31, 2017? as cash and cash equivalents? 6,940,000 A. 1,900,000 b. 8,940,000 b. 2.000.000 C. 7,940,000 C. 2,400,000 d. 7,440,000 d. 3,200,000 208 209Problem 7-12 (IAA) Problem 7-10 (AICPA Adapted) Tranvia Company revealed the following information on year end; Abigail Company provided the following information at December 31, 2017: Cash on hand 350,000 Cash in bank 500.000 Cash in checking account 750,000 Petty cash fund 4,000,000 Cash in money market account Commercial paper with maturity of 2 months 50.000 Treasury bill, purchased November 1. 2017 3,500,000 1,000,000 maturing January 31, 2016 Treasury bill with maturity of 6 months 2,000,000 Time deposit purchased December 1, 2017 Postdated customer checks 4,000.000 200,000 maturing March 31, 2018 What amount should be reported as cash and cash What total amount should be reported as "cash and cash equivalents"? equivalents on December 31, 2017? n. 1.100,000 A. 7,550,000 b. 3.850.000 b. 5,550,000 C. 4.600,000 c. 4,550,000 d. 8,600,000 d. 5,750,000 Problem 7-11 (IAA) Problem 7-13 (IAA) Dahlia Company had the following account balances on Affable Company provided the following information at December 31, 2017: year-end comprising the cash account: Cash on hand and in bank 3,000,000 Cash legally restricted for addition to plant Cash in bank - demand deposit account 5.000,000 expected to be disbursed in 2018 Cash on hand 400 300 2,000,000 Bank certificate of deposit due February 1, 2018 Postage stamps unused 5.000 purchased September 1, 2017 1,000,000 Certificate of time deposit with maturity of 3 months 1,500,000 Money order 50,000 What amount should be reported as cash and cash Manager check 100,000 equivalents on December 31, 2017? Traveler check 1.000,000 Postdated customer check 500.000 a: 3,000,000 b. 5,000,000 What total amount should be reported as "cash" at year-end? C. 6,000.000 d. 4,000,000 8,050,000 : 7,050,000 C. 6,550,000 d. 6, 450,000 206 207
