Hello, I need help. thank you!
\fShal C. 20x2: 2. On October 31, 20x1, Entity A had cash accounts at three d. Redee different banks. One account balance is segregated solely for prior November 15, 20x1 payment into a bond sinking fund. second account, used for branch operations, is overdrawn. The 5. A comp third account, used for regular corporate operations, has a withdraw positive balance. How should these accounts be reported in a. exclu Entity A's October 31, 20x1 classified balance sheet? b. inclu a. The segregated account should be reported as a noncurrent asset, the regular account should be reported as a current asset, and the overdraft should be reported as a current 6. The effect liability. a. to pro b. The segregated and regular accounts should be reported as b. to dec current assets, and the overdraft should be reported as a c. to inc current liability. d. to inc. c. The segregated account should be reported as a noncurrent (AICPA) asset, and the regular account should be reported as a current asset net of the overdraft. 7. For effecti d. The segregated and regular accounts should be reported as checks, a current assets net of the overdraft. available (AICPA) type of ac 3. A debt security can qualify as a cash equivalent if a. Gener a. it has a remaining maturity of 3 months or less as at the b. Impre (AICPA) reporting date. b. it is acquired 3 months or less before its maturity date. 8. It is a c. it has an original maturity of 3 months or less. d. All of these supports a. Check 4. Which of the following may be properly presented under b. Curre "Cash and Cash Equivalents" in the December 31, 20x1 statement of financial position? 9. Which of a. Treasury bills acquired on December 1, 20x1 and maturing on March 31, 20x2. controlling a. The p b. Customer's check dated January 1, 20x2 and mailed to the bank for deposit on December 31 20v expendCash and Cash Equivalents 77 counts at ted solely c. Shares of stocks to be sold on the first week of January inking fun 20x2; a purchase commitment is already obtained. overdrawn d. Redeemable preference shares acquired three months erations, prior to the redemption date. be reporter leet? 5. A compensating balance that is legally restricted as to withdrawal is as a noncum a. excluded from cash. c. disclosed in the notes. ed as a cur b. included in cash. d. a and c ed as a cur 6. The effect of compensating balance is be reported a. to provide greater security for the borrower. reported a b. to decrease the yield on the loan to the lender. c. to increase the yield on the loan to the borrower. d. to increase the yield on the loan to the lender. as a noncume (AICPA) reported as 7. For effective internal control over the disbursement of payroll be reported checks, an enterprise makes a specific amount of cash available in a checking account for this limited purpose. The type of account used for this purpose is called a(n) a. General checking account. c. Lockbox account. b. Imprest bank account. d. Compensating balance. if (AICPA) less as att 8. It is a business document or written authorization that urity date. supports every disbursement made by an entity. a. Check c. Voucher SS. b. Currency d. Cash equivalent esented un 9. Which of the following is not an appropriate procedure for controlling the petty cash fund? nber 31, 4 a. The petty cash custodian files receipts by category of expenditure after their presentation to the general cashier and matun so that variations in different types of expenditures can be monitored.PROBLEM 3: EXERCISES 1. Afternoon Co.'s records on Dec. 31, 20x1 show the following Cash on hand P 320,000 Cash in Bank - current account 1,120,000 Cash in Bank - peso savings deposit 6,400,000 $64,000 Cash in Bank - dollar savings deposit (restricted) Treasury bill (purchased 11/1/20x1, maturing 2/28/20x2) P2,560,000 Treasury shares (purchased 12/31/20x1, for reissuance on 2/28/20x2) 1,600,000 Unused Credit Line 6,400,000 Sinking fund 640,000cel Additional information: from . On Dec. 29, 20x1, Afternoon Co. issued a check amounting to as P192,000. The check is dated Jan. 3, 20x2. evidence The peso savings deposit includes a compensating balance of company P80,000 which is not legally restricted. ash, to reple The exchange rate on Dec. 31, 20x1 is P51:$1. Requirement: Compute for the amount of cash and cash equivalents to be reported in the 20x1 financial statements. 2. Transactions relating to the petty cash fund (PCF) of Bier Co. ections must are as follows: ements must Oct. 1, A petty cash fund with an imprest balance of P40,000 was except for pe 20x1 established. Oct. 1 - 31, Disbursements were made for the following: 20x1 supported by Office supplies expense, P6,880 Transportation expense, P12,346 - Freight-out, P17,627 ntrol over ca Cellphone load (Telecommunications expense), P2,502 Oct. 31, Currencies and coins in the petty cash box amount to 20x1 ursement is ma P2,390. Replenishment is made. Requirement: Provide the journal entries. (Use a suspense account for any discrepancy in the fund.) 3. Assume that the PCF is not replenished. What amount of PCF the following will be reported in the Oct. 31, 20x1 financial statements? P 3204 1, 12010 4. On Dec. 31, 20x1, the petty cash fund of Bark Co., with a 6,4004 P30,000 leger balance, consists of the following: 564 Currencies and coins 1,020 P2,560 Vouchers for various PCF disbursements 26,820 1,600 An envelope containing employees' contributions for a weekend outing amounting to 9,600 x2) Check drawn by Bark Co. to the order of the petty cash custodian 1,200 Personal check drawn by the petty cash custodian 96080 Chapter 2 Requirements: a. How much petty cash fund will be included as part of cash in the Dec. 31, 20x1 statement of financial position? b. What is the adjusting entry if the fund is not replenished on Dec. 31, 20x1? (Any discrepancy is chargeable to the petty cash custodian.)
