Chapter 1 - Cash And Cash Equivalents

Intermediate Accounting Vol. 1 (Valix – 2020 Ed.) Problem 1-4 Requirement 1:

Chapter 1

(Page 21) Cash on hand NSF customer check Post-dated customer check Adjust cash on hand

200,000 (35,000) (15,000) 150,000

Petty cash fund - coin and currency

5,000

Philippine Bank current account Undelivered company check Post-dated company check delivered Adjusted balance

5,000,000 25,000 45,000 5,070,000

Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 Asia Bank saving deposit Asia Bank time deposit Total cash and cash equivalent Requirement 2: 1.

2.

3.

Problem 1-10

Problem 1-11

150,000 5,000 5,070,000 4,000,000 (100,000) 250,000 2,000,000 11,375,000

Accounts receivable Cash on hand

50,000

Receivable from officer Expenses Cash short or over Petty cash

2,000 12,000 1,000

Philippine Bank current Accounts payable

70,000

50,000

15,000

70,000

C Cash in checking account Cash in money market account Treasury bill maturing January 31, 2021

350,000 750,000 3,500,000

Cash and cash equivalents

4,600,000

C Cash in bank - demand deposit account Cash on hand Money order Manager check Traveler check

5,000,000 400,000 50,000 100,000 1,000,000

Cash

6,550,000

Intermediate Accounting Vol. 1 (Valix – 2020 Ed.) Problem 1-12

Problem 1-13

Problem 1-14

Problem 1-15

Problem 1-16

Problem 1-17

Problem 1-18 Question 1

Chapter 1

A Checkbook balance Undelivered check Cash

4,000,000 500,000 4,500,000

B Petty cash fund (50,000 - 10,000) Cash on hand (500,000 - 100,000) Cash in bank - current account Cash in bank - payroll account Time deposit (if problem is silent assume 3 months) Cash in sinking fund for bonds payable (current liabilities) Cash and cash equivalent

40,000 400,000 4,000,000 1,000,000 2,000,000 1,500,000 8,940,000

B Cash in bank (6,000,000 - 400,000) Petty cash Time deposit Savings deposit Cash and cash equivalent

5,600,000 50,000 2,500,000 1,000,000 9,150,000

C Cash in bank Cash on hand

2,250,000 125,000

Cash

2,375,000

B Petty cash fund Current account - First Bank (4,000,000 +100,000) Money market placement - Third Bank Cash and cash equivalent

50,000 4,100,000 1,000,000 5,150,000

D Undeposited collections Cash in bank - BDO checking account Cash in bank - BDO fund for payroll Cash in bank - BDO time deposit, 90 days Cash in bank - BDO value added tax account Cash and cash equivalent

600,000 4,000,000 1,000,000 2,000,000 450,000 8,050,000

B Checkbook balance Post-dated customer check NSF check Undelivered company check Cash on hand Change fund Adjusted balance

8,000,000 (2,000,000) (500,000) 1,500,000 400,000 40,000 7,440,000

Intermediate Accounting Vol. 1 (Valix – 2020 Ed.) Question 2

Problem 1-19 Question 1

Question 2

Problem 1-20

Problem 1-21

Problem 1-22 Question 1

Question 2

Chapter 1

C Treasury bill Money market placement Total cash equivalents

2,500,000 3,000,000 5,500,000

A Coin and currency, saving and checking acccount

3,400,000

A Government treasury bills (maturing in 2 months) Commercial paper (maturing in 3 months) Total cash equivalents

2,000,000 1,500,000 3,500,000

C Coins and currency Accommodation check Total

22,000 15,000 37,000

C Coins and currency Reimbursement check Total

2,000 4,000 6,000

B Checkbook balance Customer check erroneously included in checkbook balance Undelivered check payable to supplier Adjusted cash in bank

4,000,000 (200,000) 400,000 4,200,000

A Cash in bank Cash on hand Petty cash (5,000 + 40,000)

4,200,000 400,000 45,000

Total cash

4,645,000

Intermediate Accounting Vol. 1 (Valix – 2020 Ed.) Problem 1-23 1 D 2 B 3 A 4 B 5 D 6 C 7 B 8 D 9 A 10 C

Problem 1-24 1 D 2 A 3 C 4 B 5 D

Problem 1-25 1 D 2 D 3 C 4 C 5 B

Chapter 1