On December 31, 2020, Oust The Turtle Corporation had the following:

Petty Cash Fund200,000

Cash in bank A123,456

Time deposit acquired April 21, 2020, maturing on January 1, 20212,500,555

Treasury Bills maturing on December 31, 2021,

acquired on December 31, 20202,000

Cash in Bank B676,777

Cash in Bank C711,711

Cash in Bank B is set aside for purchase of vehicles

Cash in Bank A is frozen by the court by virtue of a case filed by the Bureau of Internal Revenue

How much should be reported as cash on December 31, 2020?

answer and solution:

T Corporation's petty cash fund, which has an imprest balance of P5,000 showed a composition when counted as follows:

Bills1,000

Coins40

Vouchers - Transportation1,200

Vouchers - Gasoline889

Vouchers - Supplies 1,872

How much is petty cash fund?

answer and solution:

In connection with your audit of Big Brother Corp. for the year ended December 31, 2014, you gathered the following information:

Current account at BPIP6,000,000

Current account at Equitable PCI Bank(300,000)

Payroll account1,500,000

Foreign bank account - restricted (in USD) **60,000

Postage stamps3,000

Employee's post-dated check12,000

IOU from a key officer30,000

Credit memo from a vendor for a purchase return60,000

Traveler's check150,000

Customer's not-sufficient-funds check45,000

Money orders90,000

Petty cash fund (P12,000 in currency and expense vouchers

For P17,500)30,000

Treasury bills, due 3/31/15 (purchased 12/31/14)600,000

Treasury bills, due 1/31/15 (purchased 1/1/14)900,000

Change fund10,000

Bond sinking fund1,000,000

**current exchange rate as of December 31, 2014 is at P50 for every USD1.

What is the total cash and cash equivalent

answer and solution: