2. At December 31, 2023, Davie Company had the following balances in the accounts it maintains at XYZ Bank: Checking account No. 101 Checking account No. 201 175,000 (10,000) Money market account 90-day certificate of deposit, due 2/28/24 25,000 50,000 180-day certificate of deposit, due 3/15/24 80,000 Davie classified investments with original maturities of three months or less as cash equivalents. In its December 31, 2023 Statement of financial position what amount should Davie report as cash and cash equivalent?

2. At December 31, 2023, Davie Company had the following balances in the accounts it maintains at XYZ Bank: Checking account No. 101 Checking account No. 201 175,000 (10,000) Money market account 90-day certificate of deposit, due 2/28/24 25,000 50,000 180-day certificate of deposit, due 3/15/24 80,000 Davie classified investments with original maturities of three months or less as cash equivalents. In its December 31, 2023 Statement of financial position what amount should Davie report as cash and cash equivalent?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

See similar textbooks

Similar questions

Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019, and $26,850 at December 31, 2019. Net income for 2019 was $125,300 and sales revenue was $1,240,000. Required: Compute the amount of cash collected from customers using the direct method.
Refer to the information for Cornett Company above. What amount should Cornett report on its statement of cash flows as net cash flows provided by investing activities? a. $(5,200) b. $55,200 c. $144,800 d. None of these
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of b Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
The breakdown of the Cash and Cash Equivalents account of C Corporation as of December 31, 2021 is as follows:Cash on hand 135,000Cash funds 5,450,000Cash in bank 8,900,000Investments 2,400,000Some relevant items related to cash on hand are presented below:• Included in the balance are as follows:o A check received from a customer dated January 5, 2022, P5,000o A customer check dated November 11, 2021, P12,000o A customer check dated February 4, 2021, P5,000o Unused postage stamps, P800o An undelivered check dated December 28, 2021, P24,000• Excluded from the balance are as follows:o A customer check dated December 30, 2021, P10,000o An undelivered check dated December 30, 2021, P8,000o A customer check dated March 31, 2021, P1,000o Money order, P4,500Relevant information regarding the cash funds are as follows:• The petty cash fund balance is at P20,000. As of December 31, 2021, included in the fund are bills and coins forP8,000, and various expense vouchers at P12,000.• Dividend…
Claire Corporation had the following account balances at December 31, 2020: Cash on hand and in bank 2,500,000 Cash restricted for bonds payable due on June 30, 2021 1,000,000 Time deposit 3,000,000 Savings deposit set aside for dividends payable on June 30, 2021 500,000 The total amount to be reported as cash and cash equivalent as of December 31, 2020 is P6,500,000 P6,000,000 P5,500,000 O P7,000,000
Argentina Company reported the following accounts on Problem 1-2 (IAA) December 31, 2020: Cash on hand 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 Petty cash fund Security Bank current account PNB current account BDO current account (overdraft) BSP treasury bill-120 days BPI time deposit -90 days Bond sinking fund The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000 The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021. Required: 1. Prepare adjusting entries on December 31, 2020. 2. Compute the total amount of cash and cash equivalents. 3. Explain the presentation of the items excluded from cash and cash equivalents. 19
.On December 31, 2021, Alfonso Company had the following cash balances:Cash in bank, 15,000,000Petty cash fund, 50,000Time deposit 5,000,000Savings deposit 2,000,000Cash in bank includes P500,000 of compensating balance against short term borrowing arrangement at December 31, 2021. The compensating balance is legally restricted as to withdrawal by Alfonso. A check of P300,000 dated January 15, 2022 in payment of accounts payable was recorded and mailed on December 31, 2021. In the current assets section of the December 31, 2021 statement of financial position, what amount should be reported as “cash and cash equivalents”? 14,850,000 16,850,000 21,800,000 21,850,000
PROBLEM 1. 4111 Company had the following items in its "Cash and cash equivalents" account as of December 31, 2022: Cash on hand P125,000Bank time deposit (acquired 12/30/2022; due in 2/28/2023) 150,000Petty cash fund - including P2,550 unreplenished vouchers dated December 27-30, 2022; and P1,200 dated January 4, 2023 10,000Cash in foreign bank - unrestricted ($5,000; average rate - P50; closing rate - P52) 250,000Cash restricted for additions to plant (to be disbursed in 2025) 1,200,000Cash in bank - to be used for payment of 2023 dividends and taxes 1,380,000 How much should be reported as cash and cash equivalents as of December 31, 2022? a. P1,875,450 b. P1,922,450 c. P1,921,250 d. P1,944,250 PROBLEM 2. The following data were taken from the accounting records of 423, Inc Balance at January 1, 2022 5,000 balls @ P20Purchases:…
E7.1 (LO 1) (Determine Cash Balance) The controller for Wallaby plc isattempting to determine the amount of cash and cash equivalents to be reported onits December 31, 2022, statement of financial position. The following information isprovided. 1. Commercial savings account of £600,000 and a commercial checking accountbalance of £800,000 are held at First National Bank of Olathe.2. Money market fund account held at Volonte Co. (a mutual fund organization)permits Wallaby to write checks on this balance, £5,000,000.3. Travel advances of £180,000 for executive travel for the first quarter of next year(employee to reimburse through salary reduction).4. A separate cash fund in the amount of £1,500,000 is restricted for the retirementof long-term debt.5. Petty cash fund of £1,000.6. An I.O.U. from Marianne Koch, a company customer, in the amount of £150,000.7. A bank overdraft of £110,000 has occurred at one of the banks the company usesto deposit its cash receipts. At the present time, the…
The December 31, 2023, cash and cash equivalents of Calamba Co. includes the following items: P Cash on hand Petty cash fund 50,000 20,000 Security Bank account PNB Current account No.1 PNB Current account No.2 BSP treasury bill - 60 days BPI time deposit - 30 days 1,250,000 1,450,000 (25,000) 3,500,000 1,000,000 Other information: a. The cash on hand includes a customer postdated check of P5,000, NSF customer check of P10,000 and GCash of P5,000. b. The petty cash fund includes unreplenished petty cash vouchers for P3,000 and an employee check for P5,000 dated January 5, 2024. c. A check for P250,000 was drawn against Security Bank account dated January 5, 2024, delivered to the payee and recorded December 31, 2023. d. The BPI time deposit is set aside for acquisition of land to be used as factory site. Compute the following: 1. Cash on hand 2. Petty cash fund 3. Security Bank current account 4. Cash and cash equivalents