ASSETS 1B- QUIZ

Batanes Company had the following account balances at December 31, 2021:

Cash in banks P2,250,000

Cash on hand 125,000

Cash restricted for plant expansion 1,600,000

How much is the correct cash balance to be reflected in the balance sheet?

• 1,775,000

• 2,250,000

• 2,375,000

• 3,975,999

Batanes Company had the following account balances at December 31, 2021:

Cash in banks P2,250,000

Cash on hand 125,000

Cash restricted for payroll 1,600,000

How much is the correct cash balance to be reflected in the balance sheet?

• 1,775,000

• 2,125,000

• 3,375,000

• 3,975,000

Batanes Company had the following account balances at December 31, 2021:

Cash in banks P2,250,000

Cash on hand 125,000

The cash in bank includes compensating balance amounting to P100,000. It is legally restricted as to withdrawal.

How much is the correct cash balance to be reflected in the balance sheet?

• 2,250,000

• 2,350,000

• 2,150,000

• 2,275,000

Batanes Company had the following account balances at December 31, 2021:

Cash in banks P2,250,000

Cash on hand 125,000

The cash in bank includes compensating balance amounting to P100,000. It is not legally restricted as to withdrawal.

How much is the correct cash balance to be reflected in the balance sheet?

• 2,150,000

• 2,250,000

• 2,375,000

• 2,275,000

The petty cash fund of Abra Trading at the end of the fiscal year ended June 30, 2020, is composed of the following:

Currencies P3,800

Coins 1,200

Paid vouchers:

Office supplies 1,750

Postage stamps 2,000

Loans to employees 6,000

Check drawn by the manager,

returned by bank manager “NSF” 2,750

How much should be the correct petty cash fund in the balance sheet?

• 3,800

• 5,000

• 14,750

• 7,750

The petty cash fund of Abra Trading at the end of the fiscal year ended June 30, 2020, is composed of the following:

Currencies P3,800

Coins 1,200

Paid vouchers:

Office supplies 1,750

Postage stamps 2,000

Loans to employees 6,000

Check drawn by the manager, 8,750

How much should be the correct petty cash fund in the balance sheet?

• 3,800

• 5,000

• 13,750

• 8,750

The petty cash fund of Abra Trading at the end of the fiscal year ended June 30, 2020, is composed of the following:

Currencies P3,800

Coins 1,200

Paid vouchers:

Office supplies 1,750

Postage stamps 2,000

Loans to employees 6,000

Check drawn by the manager,

returned by bank manager “NSF” 2,750

The unadjusted trial balance contains supplies amounting to P3,000. How much is the correct supplies expense if there are no more supplies found at the end of the period?

• 3,000

• 4,750

• 1,250

• 2,750

The petty cash fund of Abra Trading at the end of the fiscal year ended June 30, 2020, is composed of the following:

Currencies P3,800

Coins 1,200

Paid vouchers:

Office supplies 1,750

Postage stamps 2,000

Loans to employees 6,000

Check drawn by the manager,

returned by bank manager “NSF” 2,750

Before adjustment, the supplies amounted to P3,000. At the end of the period, the supplies remaining remaining amounted to P100.

• 4,750

• 100

• 4,650

• 2,900

In preparing its August 31, 2021 bank reconciliation, Pangasinan Company has available the following information:

Balance per bank statement, 8/31/2020 P180,500

Deposit in transit, 8/31/2020 32,500

Outstanding checks, 8/31/2020 27,500

How much is the adjusted cash balance of Pangasinan?

• 180,500

• 213,000

• 27,500

• 185,500

In preparing its August 31, 2020 bank reconciliation, Pangasinan Company has available the following information:

Balance per bank statement, 8/31/2020 P180,500

Deposit in transit, 8/31/2020 32,500

Outstanding checks, 8/31/2020 27,500

Of the deposit in transit, the P10,000 has already been entered into the record of the bank as of the end of the period.

How much is the adjusted cash balance of Pangasinan?

• 180,500

• 170,500

• 175,500

• 145,500