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Cash and Cash Equivalents Sample Problems

Credits to owner
1. The statement of financial position of Kwarta Company shows cash of 330,820. The following
items were found to comprise this total amount:
Checking account in Metrobank (outstanding checks as of
year-end totaled 15,200)
Savings account is Far East bank

105,200.00
30,800.00

Petty cash fund (including expense receipts for 250)

1,500.00

Cash on hand (undeposited sales receipts)

4,200.00

Sinking fund cash

35,000.00

Cash in foreign bank (in equivalent pesos)

65,000.00

Customers' check on hand


Traveler's Check

14,000.00

Manager's Check

23,120.00

Short term treasury bills

52,000.00

What is the correct amount of cash?

2. Kuton Companys checkbook balance at December 31, 2012 was 180,000. In addition, Kuton
held the following items in its safe on that date:
Check payable to Kuton dated January 2, 2013 in payment of a sale made in December
2012, included in December 31 checkbook balance- 65,000.
Check payable to Kuton deposited December 15, but returned by the bank DAIF- 20,000.
Check drawn on Kutons account, payable to a vendor, dated and recorded on December
30 but not yet mailed to payee as of December 31, 2012- 15,000.
What is the correct cash balance of the company?

3. Green Companys general ledger showed a balance of 2,205,600 in its cash account on
December 31, 2012. Included in this balance are the following items:
DAIF checks returned by bank
Savings account
IOUs
Postage stamps
Bank draft
Cash on hand
Cash sinking fund

20,000.00
750,000.0
0
1,200.00
600.00
10,000.00
30,000.00
500,000.0
0

Customer's checks dated January


2013
Travel advances
Traveler's Checks

5,400.00
4,000.00
8,000.00

What is the correct balance of cash?

4. Jennifer Incorporated established a petty cash fund of 5,000 for incidental expenses on June 1,
2012. At the end of the month, the count of cash on hand indicated that 670.40 remained in the
fund. A review of the petty cash vouchers disclosed the following expenses had been incurred
during the month:
Office supplies
Transportation
Postage
Miscellaneous
Representation

341.60
1,321.40
780.00
837.60
1,000.00

What is the amount of cash shortage?


Prepare the adjusting entry for the end of the month.

5. In your cash count of the petty cash fund of Canyon Company as of July 4, 2012, you found the
following composition of its petty cash fund:
Bills and coins counted
Approved and signed petty cash vouchers
Dated June 2012
Dated July 1-4, 2012
IOU from Joe Santos, an employee
A check drawn by Juvy Victoria, an employee, dated July 15,
2012

2,450.00
3,300.00
800.00
1,400.00
2,000.00

The petty cash fund has an imprest balance of 10,000. The companys reporting period ends on
June 30.
What is the correct balance of the petty cash fund?
How much is the cash shortage or overage?
Prepare the adjusting entry for June 2012

6. You are attempting to determine an apparent cash shortage that you believe resulted from an
employees theft. You have assembled the following information for the month of March:
Cash balance per books, March 1
Cash receipts for March per books
Cash disbursements for March per books
Cash balance per bank statement, March 31
Deposit in transit, March 31
Outstanding checks, March 31
Bank service charge for March

115,963.70
246,475.00
334,709.10
15,341.40
9,000.00
2,703.80
92.00

What is the amount of cash shortage?

7. In reconciling the book and bank balance of the cash account of Perlas Corporation, you
discover the following for the month of December 2012:
Balance per bank statement
Balance per books
Receipts not yet deposited
Bank service charge
Customer's check returned by bank marked
DAIF

400,000.00
387,000.00
100,000.00
1,000.00
22,000.00

A paid check for 40,000 was recorded in the cash book as 4,000.
Assuming no other errors were noted, what is the amount of the outstanding checks at
December 31, 2012?

8. The following data related to Jennifer Services Incorporated were gathered:

Balance per bank statement

30-Nov-12
270,311.0
0
294,771.0
0

Receipts not yet deposited

21,270.00

Outstanding checks

40,525.00

Balance per books

Bank service charges


Interest credit by bank

295.00
5,500.00

31-Dec-12
148,986.0
0
32,925.0
0
35,191.5
0
158.0
0
4,925.0
0

Other information:
Receipts and disbursements per books during December are P1,072,850 and
P1,195,536.50, respectively.
Total credits reflected in the bank statement amounted to P1,065,620.
Check #137412 for P2,300 recorded by depositor as P3,200 in error.
Customer check for P5,947 deposited on December 28, 2012 was found to be
uncollectible.
Interest for P625 chargeable to Jennyfer Services was erroneously charged by the bank
to the company.
No sufficient fund checks in the amount of P5,000 was returned by the bank and
redeposited by the company during December. No entry was made on the books for the
return or redeposit.
Prepare a proof of cash.

1. Leona Company had the following account balances on December 31, 2011:

Cash in Bank- current account


Cash in Bank- payroll account
Cash on Hand
Cash in Bank- restricted for equipment acquisition on 2012
Treasury bill purchased November 1, 2011 to mature on
February 1, 2012

4,000,000.00
1,500,000.00
500,000.00
1,000,000.00
2,000,000.00

The cash on hand includes a P 200,000 customer check payable to Leona


Company, dated January 15, 2012. What should be reported as cash and cash
equivalents on December 31, 2011?
a. P 9,000,000
b. P 7,800,000

c. P 8,800,000
d. P 5,800,000

2. On December 31, 2011, Tigres Company had the following cash balances:

Cash in Bank
Petty Cash Fund
Time Deposit, one year, due March 1,
2012
Saving Deposit

5,000,000.00
50,000.00
1,000,000.00
500,000.00

A check of P 100,000 dated January 15, 2012 in payment of accounts payable was
recorded and mailed on December 28, 2011. How much cash and cash
equivalents should be reported on December 31, 2011?
a. P 6,550,000
b. P 6,650,000

c. P 5,650,000
d. P 5,450,000

3. The cash account in Jen Companys ledger on December 31, 2011 showed a balance
of P 5,250,000 which included the following:

Petty Cash Fund

50,000.0
0

Undeposited receipts, including a post-dated


customer check of P200,000

1,300,000.
00
2,500,000.
00
1,000,000.
00
250,000.0
0
150,000.0
0
5,250,000.
00

Cash in Bank
Cash in Sinking Fund
Expenses paid out of collections, not yet recorded
IOUs signed by employees

At what amount should Jen Company report as cash in the December 31, 2011
statement of financial position?
a. P 3,650,000
b. P 3,850,000

c. P 4,650,000
d. P 4,050,000

4. Enipr Company had the following account balances at December 31, 2011:

Cash on Hand and in Bank


Cash restricted for bond payable due on June 30, 2013
Time Deposit
Saving deposit set aside for dividend payable on June 30, 2012

5,000,000.00
2,000,000.00
6,000,000.00
1,000,000.00

In the December 31, 2011 statement of financial position, what total amount
should be reported as cash and cash equivalents?
a. P 12,000,000
b. P 14,000,000

c. P 11,000,000
d. P 13,000,000

5. On April 1, Jennifer Company established an imprest system petty cash fund for P
10,000 by writing a check drawn against the general checking account. On April 30, the
fund contained the following:

Currency and coins


Receipts for office supplies
Receipts for postage still
unused
Receipts for transportation

3,000.0
0
4,000.0
0
2,000.0
0
600.00

On April 30, the entity wrote a check to replenish the fund. What is the amount of
replenishment under the imprest fund system?
a. P 10,000
b. P 6,600

c. P 7,000
d. P 3,000

6. During the audit of Maganda Company on December 31, 2011, the following data are
gathered:

Balance per book


Bank charges
Outstanding checks
Deposit in transit
Customer note collected by bank

4,000,000.
00
10,000.0
0
950,000.0
0
1,200,000.
00
1,500,000.
00

Interest on customer note


Customer check returned NSF
Depositor's note charged to
account
The correct cash balance amounts to ____.
a. P 4,300,000
b. P 5,300,000

c. P 4,250,000
d. P 4,000,000

60,000.0
0
250,000.0
0
1,000,000.
00