Tranvia Company revealed the f

1. Tranvia Company revealed the following information on December 31, 2020:
Cash in checking account 350,000
Cash in money market account 750,000
Treasury bill, purchased November 1, 2020
maturing January 31, 2021 3,500,000
Time deposit purchased December 1, 2020
maturing March 31, 2021 4,000,000

What amount should be reported as cash and cash equivalents on December 31, 2020?

2. Affable Company provided the following information at year-end comprising the cash
Cash in bank – demand deposit 5,000,000
Cash on hand 400,000
Postage stamps unused 5,000
Certificate of time deposit 1,500,000
Money order 50,000
Manager check 100,000
Traveler check 1,000,000
Postdated customer check 500,000

What total amount should be reported as cash at year end?

3. Thor Company provided the following data on December 31, 2020:

Checkbook balance 4,000,000
Bank statement balance 5,000,000
Check drawn on Thor’s account, payable to supplier,
dated and recorded on December 31, 2020 but not
mailed until January 31, 2021 500,000
Cash in sinking fund 2,000,000

On December 31, 2020, what amount should be reported as cash under current

4. On December 31, 2020 Lamentable Company had the following cash balances:
Cash in bank – current account 6,000,000
Petty cash fund – all funds were reimbursed at year end 50,000
Time deposit – three months, due January 15, 2021 2,500,000
Saving deposit 1,000,000
Cash in bank included P400,000 of compensating balance against short term
borrowing arrangement.
The compensating balance is legally restricted as to withdrawal
What total amount should be reported as cash and cash equivalents?

5. Baloney Company had the following account balances on December 31, 2020:
Cash in bank 2,250,000
Cash on hand 125,000
Cash restricted for addition to plant in 2021 1,600,000
Cash in bank included P600,000 of compensating balance against short-term
borrowing arrangement.
The compensating balance is not legally restricted as to withdrawal.

What total amount should be reported as cash on December 31, 2020?

6. In preparing the bank reconciliation for the month of August, Apex Company
provided the following information:
Balance per bank statement 1,805,000
Deposit in transit 325,000
Return of customer check for insufficient fund 60,000
Outstanding checks 275,000
Bank service charge for August 10,000
What is the adjusted cash in bank?

7. In preparing the bank reconciliation for the month of December, Case Company
provided the following data:
Balance per bank statement 3,800,000
Deposit in transit 520,000
Amount erroneously credited by bank to Case’s account 40,000
Bank service charge for December 5,000
NSF check 50,000
Outstanding checks 675,000
What is the unadjusted cash in bank balance per book?

8. Sapphire Company provided the following information for the month of December:
Balance per bank statement December 31 2,800,000
Bank service charge for December 12,000
Interest paid by bank to Sapphire Company for December 10,000
Deposits made but not yet recorded by the bank 350,000
Checks written but not yet recorded by the bank 650,000

The entity discovered that it had drawn and erroneously recorded a check for
P46,000 that should have been recorded for P64,000

What is the cash balance per ledger on December 31?

9. Core Company provided the following data for the purpose of reconciling the cash
balance per book with the cash balance per bank statement on December 31:
Balance per book 850,000
Balance per bank statement 2,000,000
Outstanding checks, including certified check of P100,000 500,000
Deposit in transit 200,000
December NSF checks, of which P50,000 had
been redeposited and cleared on December 27 150,000
Erroneous credit to Core’s account, representing
proceeds of loan granted to another company 300,000
Proceeds of note collected by bank for Core,
net of service charge of P20,000 750,000
What amount should be reported as cash in bank at year-end?

10. Laconic Company received the bank statement for the month of April which
included the following information:
Bank service charge for April 15,000
Check deposited by Laconic during April was not collectible
and has been marked “NSF” by the bank and returned 40,000
Deposits made but not yet recorded by bank 130,000
Checks written and mailed but not yet recorded by bank 100,000
The entity found a customer check for P35,000 payable to the entity that had not
yet been deposited and had not been recorded.
The general ledger showed a bank account balance of P920,000

What amount should be reported as adjusted cash in bank on April 30?

11. Technically, cash may not include
a. Foreign currency
b. Money order
c. Restricted cash
d. Undeposited customer check

12. All of the following can be classified as cash and cash equivalents, except
a. Redeemable preference shares due in 60 days
b. Commercial papers due for repayment in 90 days
c. Equity investments
d. A bank overdraft

13. Cash equivalents do not include
a. Money market funds
b. High grade marketable equity investments
c. BSP treasury bills
d. Commercial papers

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