Determine the cash and cash equivalents of Australia Company. Related data on December 31, 2019: 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

Determine the cash and cash equivalents of Australia Company. Related data on December 31, 2019: 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

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 23CE: Cash Receipts from Customers Singleton Inc. had accounts receivable of $22,150 at January 1, 2019,...

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VKS Company’s “cash count” as of December 31, 2021, is composed of the following:· Cash on Hand- P500,000· Demand Deposit- P2,000,000· Time Deposit, 30 days- P1,000,000· NSF Check of customer- P40,000· Money market placement (due June 30, 2022)- P1,500,000· Savings Deposit in a closed bank- P100,000· IOU from employee- P20,000· Pension Fund- P3,000,000· Petty Cash Fund- P10,000· Customer’s Check dated January 1, 2022- P50,000· Customer’s Check outstanding for 18 months- P40,000· Unused credit line- P500, 000 Additional information:a. Check of P200, 000 in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.b. Check of P100, 000 dated January 15, 2022, in payment of accounts payable was recorded and mailed on December 31, 2021.c. The company uses the calendar year. The Cash Receipt Journal was held open until January 15, 2022, during which time P400, 000 was…
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