Scribd Logo
Upload

Welcome to Scribd!

  • Iacc 1 - Quizzer Cash and Cash Equivalent

    Uploaded by

    Jerry Toledo
    2K views3 pages
    - Revel Inc. should report P3,050,000 in cash and cash equivalents as of December 31, 2018 based on the details provided of the cash and cash equivalent account balance. - Kerry Corporation should report P2,784,000 in cash and cash equivalents as of December 31, 2018 based on the provided particulars of cash and cash equivalent accounts. - Ria should report P98,730 in cash and cash equivalents as of December 31, 2018 based on the details of the cash account balance. - Based on the provided particulars, the amount of cash and cash equivalents that should be reported is P1,495,000.

    Original Description:

    Original Title

    Iacc 1 - quizzer cash and cash equivalent.docx

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    - Revel Inc. should report P3,050,000 in cash and cash equivalents as of December 31, 2018 based on the details provided of the cash and cash equivalent account balance. - Kerry Corporation should report P2,784,000 in cash and cash equivalents as of December 31, 2018 based on the provided particulars of cash and cash equivalent accounts. - Ria should report P98,730 in cash and cash equivalents as of December 31, 2018 based on the details of the cash account balance. - Based on the provided particulars, the amount of cash and cash equivalents that should be reported is P1,495,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    2K views3 pages

    Iacc 1 - Quizzer Cash and Cash Equivalent

    Uploaded by

    Jerry Toledo
    - Revel Inc. should report P3,050,000 in cash and cash equivalents as of December 31, 2018 based on the details provided of the cash and cash equivalent account balance. - Kerry Corporation should report P2,784,000 in cash and cash equivalents as of December 31, 2018 based on the provided particulars of cash and cash equivalent accounts. - Ria should report P98,730 in cash and cash equivalents as of December 31, 2018 based on the details of the cash account balance. - Based on the provided particulars, the amount of cash and cash equivalents that should be reported is P1,495,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    NATIONAL UNIVERSITY

    COLLEGE OF BUSINESS AND ACCOUNTANCY


    INTERMEDIATE ACCOUNTING 1 – CASH AND CASH EQUIVALENTS

    Problem 1
    On December 31, 2018, Revel Inc.’s cash and cash equivalent account balance per ledger of P5,700,00
    includes:

    PARTICULAR AMOUNT
    Manager’s check Php 70,000
    Traveler’s check 100,000
    Treasury note 50,000
    Treasury shares purchased on 12/1/2018 to be reissued on 3/1/2019 150,000
    Escrow deposit 200,000
    Bank drafts 20,000
    Postal money order 20,000
    Demand deposit 100,000
    Treasury bills purchase 12/16/18 due 03/15/2019 50,000
    160-day treasury bill 30,000
    Time deposit – PCIB one year due 03/31/2019 180,000
    Time deposit – PNB 90 days 170,000
    Time deposit – BPI 120 days 45,000
    Money market instrument due – 02/28/2019 40,000
    Money market instrument due – 6/1/2019 70,000
    Cash in bank – Metrobank, which includes a compensating balance of 1,050,000
    P50,000 for short-term borrowing arrangement. The compensating balance
    is not legally restricted as to withdrawal.
    Cash in bank – Metrobank (100,000)
    Cash in bank – LBP, which includes a compensating balance of P50,000 for 450,000
    long-term borrowing arrangement. The compensating balance is legally
    restricted as to withdrawal.
    Cash in bank – Second bank (60,000)
    Cash in bank – BDO, which includes a compensating balance of P40,000 for 150,000
    short-term borrowing arrangement. The compensating balance is legally
    restricted as to withdrawal.
    Cash in bank – Robinsons bank, which includes a compensating balance of 250,000
    P40,000 for short-term borrowing arrangement.
    Petty cash fund including an unreplinished voucher amounting to P4,000 10,000
    Payroll fund 100,000
    Travel fund 20,000
    Interest fund 40,000
    Tax fund 30,000
    Sinking fund 420,000
    Preferred redemption fund 100,000
    Contingent fund 200,000
    Insurance fund 500,000
    Fund for acquisition of property, plant and equipment to be disbursed in 800,000
    2019
    IOUs 20,000
    Customer’s postdated checks 70,000
    Customer’s checks returned by bank marked as NSF 20,000
    Redeemable preferred shares – acquired 3 months before maturity date 15,000
    Unused credit line 200,000
    Revolving fund 100,000
    Visa-card credit limit 20,000
    TOTAL 5,700,000

    How much cash and cash equivalents should Revel Inc report in the statement of financial position as
    of December 31, 2018?

    a. P2,591,000 b. P2,091,000 c. P3,050,000 d. P3,900,000 e. none of the choices


    Problem 2
    The following pertains to Kerry Corporation on December 31, 2018

    Particulars Amount
    Postage stamps 1,000
    Customer postdated checks 4,000
    IOUs 10,000
    Credit memo from a vendor for a purchase return 20,000
    Traveler’s check 50,000
    Postal money order 30,000
    Petty cash fund – P4,000 in currency and expense receipts of P6,000 10,000
    Treasury bills due 03/31/2019 (purchased 12/31/2018) 200,000
    Treasury bills due 01/31/2019 (purchased 01/31/2018) 300,000
    Listed stock held as temporary investments 15,000
    Current account in Metrobank 2,000,000
    Current account in BPI (100,000)
    Payroll account 500,000
    Foreign bank account – restricted (in equivalent peso) 1,000,000
    Treasury warrants 300,000

    How much cash and cash equivalents should Kerry Corp report in the statement of financial position
    as of December 31, 2018?

    a. P3,084,000 b. P2,790,000 c. P2,784,000 d. P2,704,000

    Problem 3

    The cash account of Ria on December 31, 2018 has a balance of P151,000 and it consists of the
    following:

    Particulars Amount (Php)


    Bills and coins on hand 52,780
    Traveler’s check 22,400
    Credit memo from suppliers 6,500
    Postage stamps 120
    Petty cash including paid cash vouchers of P1,650 2,000
    Balance in savings account with bank closed by the BSP 36,000
    Customer’s check dated 01/15/2019 8,000
    Money order 800
    IOU of an employee 400
    Checking account in BPI 22,000
    TOTAL 151,000

    a. P98,900 b. P98,730 c. P97,530 d. P98,330


    Problem 4

    How much cash and cash equivalent should be reported?


    a. 1,315,000 b. 1,425,000 c. 1,495,000 d. 1,725,000

    You might also like