Topic: Cash and Cash Equivalents

Please help me with this tutor and please explain how to solve it.

1. The following data pertain to CLoe Corporation on December 31, 2021:

• Current account at metrobank P1,800,000
• Current account at Allied Bank (100,000)
• Payroll account 500,000
• Foreign bank account (in equivalent pesos) 800,000
• Savings deposit in a closed bank 150,000
• Postage stamps 1,000
• Employee's post dated check 4,000
• IOU from employees 10,000
• Credit memo from a vendor for a purchase return 20,000
• Traveler's check 50,000
• Money order 30,000
• Petty cash fund 4,000
• Pension fund 2,000,000
• DAIF check of customer 15,000
• Customer's check dated 1/10/22 80,000
• Time deposit - 30 days 200,000
• Money market placement (due in 6 months) 500,000
• Treasury bills, due 3/31/22 (purchased 12/31/21) 200,000
• Treasury bills, due 1/31/22 (purchased 2/1/21) 300,000

The cash and cash equivalents as of December 31, 2021 is?

2. The controller of an entity is in the process of preparing the financial statements for the current year. The following items are being considered.

• Balances in the entity's accounts at the First Bank checking P1,350,000, savings P250,000.
• Undeposited customer checks of P50,000.
• Currency and coins on hand of P40,000.
• Savings account at the Second Bank with a balance of P4,000,000. This account is being used to accumulate cash for future plant expansion.
• P200,000 in a checking account at the Second Bank. The balance in the account represents a 20% compensating balance for a P1,000,000 loan with the bank. The entity may not withdraw the funds until the loan is due in three years.
• Treasury bills: 2-month maturity bills P150,000 and 7-month bills P200,000.

What amount should be reported as cash and cash equivalents?

3. The following data pertains to CLoe Trading on April 30:

• Correct cash balance in a general checking account with BDO 320,000
• Overdraft in a special checking account in General Bank (CLoe Trading does not have another account with General Bank) 20,000
• Cash accumulated in a special fund that will be used for plant expansion in five years 150,000 Cash surrender value of life insurance policy 32,000
• Currency and coins in petty cash fund (the company has not replenished the fund to the imprest amount of P2,000) 580

How much cash should CLoe report on April 30?

4. The statement of financial position of Luis Company shows cash of P237,390. The following items were found to comprise this amount:

• Cash in Metrobank, per bank statement (outstanding checks as of year-end totaled P5,200)99,320
• Savings account at Far East Bank 30,800
• Petty cash fund (including expense receipts of P250) 1,500
• Cash on hand (undeposited sales receipts) 4,200
• Sinking fund cash 20,000
• Cash in foreign bank (in equivalent pesos) 62,000

Customer's checks on hand:

• Traveler's check 4,450
• Certified check 3,120
• 90-day, BSP treasury bills 12,000

What is the correct amount of cash and cash equivalents in Luis Company's statement of financial position?

5. The cash account of Root Corporation on Dec. 31, 2022 has a balance of P127,600 and it consists of the following:

• Bills and coins hand 52,780
• Petty cash including petty cash vouchers of P650 1,000
• Balance in saving account with a bank closed by the BSP 36,000
• Customer's check dated January 15, 2023 8,000
• Credit memo from suppliers for purchases returns 6,500
• Postage stamps 120
• Money order 800
• IOU of employee 400
• Checking account balance in BPI 22,000

The correct cash balance on December 31, 2022 of Root Corporation is?