Hello. I would like to ask if my answers for the following are correct, but if it's wrong, please tell me why and how to get the correct answer. Thank you in advance!
1. 5,000,000
2. 3,615,000
C&CE 5 points ABC Company had excess cash and made the following investment transactions: Treasury Bonds P 3,000,000 Commercial Paper 1.500,000 Time Deposit - BDO 500,000 Time Deposit -PNB 500,000 Preference Shares in Delta Corporation 500,000 Ordinary Shares in Alpha Corporation 500,000 Both treasury bonds and commercial papers were purchased three months before maturity date. The time deposit with BDO was just acquired and has a period of one month while the time deposit with PNB was acquired nine months ago and has a remaining term of three months. No other details were obtained in relation to the preference shares and the ordinary shares. How much of the above should be presented as cash and cash equivalent under current assets? Your answer C&CE 5 points ABC Company provided you the following contents in their cash and cash equivalent computation as of Jan. 31, 2019: Cash in Bank P 2,500,000 Cash on Hand 900,000 Cash fund set aside for payment for rent and utilities 50,000 Cash fund set aside for payment to suppliers 150,000 Cash fund set aside for purchase of plant equipment 250,000 Time deposit for plant expansion 500,000 Cash on hand included the following items: Unused postage stamps P 5.000 Postal money order 5.000 Customer check 20,000 (dated Feb. 2, 2019) Cash on hand excluded the following items: Customer check (dated Feb. 5, 2019) P 30,000 Customer check (dated Jan. 31. 2019) 40.000 Company check in payment of purchases fundelivered 30,000 and not recorded against Cash in Bank How much should ABC report as cash and cash equivalents on Jan. 31, 2019?C&CE 5 points The following are selected items relating to the cash accounts of ABC Corporation as of December 31, 2018: Cash on Hand P2,000.000 Cash in Bank 5,000.000 Cash fund for payroll 200,000 Cash fund for settlement of bonds payable on Feb. 28, 3,000,000 2019 Cash fund for purchase of land on Jan. 31. 2019 4.000.000 Based on the above, what amount should be EXCLUDED from cash and cash equivalent? Your answer C&CE 5 points The accountant of ABC Corporation showed you the following items for proper classification as of Dec. 31, 2019 Savings account in Security Bank P 2,000,000 Savings account in BPI 500.000) Time deposit in BDO, 3 months 1,000,000 Saving account set aside as cash fund for settlement of 500,000 payable to a major supplier Three-year treasury bill, issued June 31, 2016, 1,000,000 purchased September 30, 2018 Three months commercial paper, purchased November 500,000 1, 2018 How much is the total cash equivalent of ABC Corporation? Your answerC&CE 5 points ABC Corporation established a petty cash fund with an imprest balance of P20,000. The custodian had the following transactions and information regarding the petty cash fund: Disbursed P3.500 in payment for supplies Disbursed P6.000 in payment for transportation Disbursed P5,000 as an IOU to an employee Disbursed P2.500 for payment for newspaper subscription Received the P5.000 from the employee which requested the earlier IOU Paid for P1,000 for additional supplies Determined that there was a cash overage of P500. What is the petty cash fund balance after reflecting the information above? Your answer C&CE 5 points As of Dec. 31, 2018, the P25,000 petty cash fund consisted of the following: Bills and coins PB,000 Replenishment check 9.900 Paid vouchers for transportation 1,200 Paid vouchers for miso. expenses 900 Employee JOU 5.000 What should the petty cash balance be on Dec. 31, 2018? Your answerC&CE As of Dec. 31, 2018, the P10,000 petty cash fund consisted of the following: Bills Details P1000 1 piece 500 1 piece 100 6 pieces Various Coins P 80 Replenishment Check P6 800 Paid Vouchers Transportation P 720 Supplies 200 If the entity uses the fluctuating fund balance method of accounting for the petty cash fund, what adjusting journal entry should the entity make as of the reporting date? I will submit the journal entry as part of the file attachment to the post
