102
ACCTG
MIDTERM
102
ACCTG
MIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
1. Trask Corporation's checkbook balance on December 31, 2021 was ₱8,000. In addition, Trask held the following items in its safe on December
31:
Check payable to Trask Corporation, dated January 2, 2002, not included in December 31 checkbook balance ₱2,000
Check payable to Trask Corporation, deposited on December 20 and included in the December 31 checkbook balance but returned 400
by the bank on December 30, stamped "NSF." The check was redeposited on Jan. 2, 2002 and cleared on Jan. 7
Post-dated checks not reflected in the checkbook balance 150
Check drawn on Trask Corporation's account, payable to a vendor, dated and recorded December 31, but not mailed until January 1,000
15, 2002, deducted from checkbook balance
The proper amount to be shown as cash on Trask's balance sheet at December 31, 2021, is
Solution:
(8,000 – 400 + 1,000) = 8,600
2. On December 31, 20x1, West Company had the following cash balances:
Cash in banks ₱1,800,000
Petty cash funds (all funds were reimbursed on 12/31/x1) 50,000
Cash in banks includes ₱600,000 of compensating balances against short-term borrowing arrangements at December 31, 20x1. The compensating
balances are not legally restricted as to withdrawal by West. In the current assets section of West's December 31, 20x1, balance sheet (statement of
financial position), what total amount should be reported as cash?
Solution: (1,800,000 + 50,000) = 1,850,000
3. At December 31, 20x3, Beth Co. had the following balances in the accounts it maintains at XYZ Bank:
Checking account #101 175,000
Checking account #201 (10,000)
Money market account 25,000
90-day certificate of deposit, due 2/28/x4 50,000
180-day certificate of deposit, due 3/15/x4 80,000
Beth Co. classifies debt securities acquired three months or less before maturity date as cash equivalents. In its December 31, 20x3 statement of
financial position, what amount should Beth Co. report as cash and cash equivalents?
Solution:
Checking account #101 175,000
Checking account #201 (10,000)
Money market account 25,000
90-day certificate of deposit, due 2/28/04 50,000
Cash and cash equivalents 240,000
4. Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined:
The cash balance per books is ₱280,000, while the cash balance per bank statement is ₱320,000.
Credit memo – ₱20,000
Debit memo – ₱15,000
Deposits in transit – ₱75,000
Outstanding checks – ₱25,000
The disbursements per books are overstated by ₱45,000.
The bank debits are understated by ₱40,000.
How much is the adjusted balance of cash?
Solution:
Bal. per books, end. 280,000 Bal. per bank, end. 320,000
Add: CM 20,000 Add: DIT 75,000
Less: DM (15,000) Less: OC (25,000)
Add/Less: Book errors: Add/Less: Bank errors:
Understatement 45,000 Overstatement (40,000)
Adjusted balance 330,000 Adjusted balance 330,000
5. Ramos Company had the following bank reconciliation at March 31:
Balance per bank statement, 3/31 ........................ ₱ 93,000
Add: Deposit in transit ................................. 20,600
₱113,600
Less: Outstanding checks ................................ (25,200)
Balance per books, 3/31 ................................. ₱ 88,400
This study source was downloaded by 884789 from cliffsnotes.com on 04-13-2025 18:11:36 GMT -05:00
102
ACCTG
MIDTERM
102
ACCTGMIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
https://www.cliffsnotes.com//study-notes/6735191
,102
ACCTG
MIDTERM
102
ACCTG
MIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
Data per bank statement for the month of April follow:
Deposits .............................................. ₱116,800
Disbursements ......................................... 99,400
All reconciliation items at March 31 cleared through the bank in April. Outstanding checks at April 30 totaled ₱15,000. What is the amount of cash
disbursements per books in April?
Solution:
Disbursements per bank – April 99,400
Less: OC last month (25,200)
Add: OC this month 15,000
Disbursements per books – April 89,200
Alternative solution:
Outstanding checks
25,200 31-Mar
Checks encashed
(Disbursements by bank) 99,400 89,200 Checks drawn (squeeze)
1-Apr 15,000
6. Washing Co. had the following bank reconciliation at March 31, 20x1:
Balance per bank statement, 3/31/x1 46,500
Add deposit in transit 10,300
56,800
Less outstanding checks 12,600
Balance per books, 3/31/x1 44,200
Data per bank for the month of April 20x1:
Deposits………………………………………...….58,400
Disbursements ……………………………………49,700
All reconciling items at March 31, 20x1 cleared the bank in April. Outstanding checks at April 30, 20x1 totaled ₱7,000. There were no deposits in
transit at April 30, 20x1. What is the cash balance per books at April 30, 20x1?
Solution:
Bal. per bank statement – Apr. 30 (46.5K + 58.4K – 49.7K) 55,200
Less: Outstanding check as of Apr. 30 (7,000)
Bal. per books – Apr. 30 48,200
Alternative solution:
Deposits per bank - April 20x1 58,400
Less: DIT in March that cleared in April (10,300)
Add: DIT as of April 30 -
Cash receipts per books – April 48,100
Disbursements per bank - April 20x1 49,700
Less: OC in March that cleared in April (12,600)
Add: OC as of April 30 7,000
Disbursements per books – April 44,100
Cash per books - Mar. 31 (given) 44,200
This study source was downloaded by 884789 from cliffsnotes.com on 04-13-2025 18:11:36 GMT -05:00
102
ACCTG
MIDTERM
102
ACCTGMIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
https://www.cliffsnotes.com//study-notes/6735191
ACCTG
MIDTERM
102
ACCTG
MIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
1. Trask Corporation's checkbook balance on December 31, 2021 was ₱8,000. In addition, Trask held the following items in its safe on December
31:
Check payable to Trask Corporation, dated January 2, 2002, not included in December 31 checkbook balance ₱2,000
Check payable to Trask Corporation, deposited on December 20 and included in the December 31 checkbook balance but returned 400
by the bank on December 30, stamped "NSF." The check was redeposited on Jan. 2, 2002 and cleared on Jan. 7
Post-dated checks not reflected in the checkbook balance 150
Check drawn on Trask Corporation's account, payable to a vendor, dated and recorded December 31, but not mailed until January 1,000
15, 2002, deducted from checkbook balance
The proper amount to be shown as cash on Trask's balance sheet at December 31, 2021, is
Solution:
(8,000 – 400 + 1,000) = 8,600
2. On December 31, 20x1, West Company had the following cash balances:
Cash in banks ₱1,800,000
Petty cash funds (all funds were reimbursed on 12/31/x1) 50,000
Cash in banks includes ₱600,000 of compensating balances against short-term borrowing arrangements at December 31, 20x1. The compensating
balances are not legally restricted as to withdrawal by West. In the current assets section of West's December 31, 20x1, balance sheet (statement of
financial position), what total amount should be reported as cash?
Solution: (1,800,000 + 50,000) = 1,850,000
3. At December 31, 20x3, Beth Co. had the following balances in the accounts it maintains at XYZ Bank:
Checking account #101 175,000
Checking account #201 (10,000)
Money market account 25,000
90-day certificate of deposit, due 2/28/x4 50,000
180-day certificate of deposit, due 3/15/x4 80,000
Beth Co. classifies debt securities acquired three months or less before maturity date as cash equivalents. In its December 31, 20x3 statement of
financial position, what amount should Beth Co. report as cash and cash equivalents?
Solution:
Checking account #101 175,000
Checking account #201 (10,000)
Money market account 25,000
90-day certificate of deposit, due 2/28/04 50,000
Cash and cash equivalents 240,000
4. Entity A is preparing its March 31, 20x1 bank reconciliation. The following information was determined:
The cash balance per books is ₱280,000, while the cash balance per bank statement is ₱320,000.
Credit memo – ₱20,000
Debit memo – ₱15,000
Deposits in transit – ₱75,000
Outstanding checks – ₱25,000
The disbursements per books are overstated by ₱45,000.
The bank debits are understated by ₱40,000.
How much is the adjusted balance of cash?
Solution:
Bal. per books, end. 280,000 Bal. per bank, end. 320,000
Add: CM 20,000 Add: DIT 75,000
Less: DM (15,000) Less: OC (25,000)
Add/Less: Book errors: Add/Less: Bank errors:
Understatement 45,000 Overstatement (40,000)
Adjusted balance 330,000 Adjusted balance 330,000
5. Ramos Company had the following bank reconciliation at March 31:
Balance per bank statement, 3/31 ........................ ₱ 93,000
Add: Deposit in transit ................................. 20,600
₱113,600
Less: Outstanding checks ................................ (25,200)
Balance per books, 3/31 ................................. ₱ 88,400
This study source was downloaded by 884789 from cliffsnotes.com on 04-13-2025 18:11:36 GMT -05:00
102
ACCTG
MIDTERM
102
ACCTGMIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
https://www.cliffsnotes.com//study-notes/6735191
,102
ACCTG
MIDTERM
102
ACCTG
MIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
Data per bank statement for the month of April follow:
Deposits .............................................. ₱116,800
Disbursements ......................................... 99,400
All reconciliation items at March 31 cleared through the bank in April. Outstanding checks at April 30 totaled ₱15,000. What is the amount of cash
disbursements per books in April?
Solution:
Disbursements per bank – April 99,400
Less: OC last month (25,200)
Add: OC this month 15,000
Disbursements per books – April 89,200
Alternative solution:
Outstanding checks
25,200 31-Mar
Checks encashed
(Disbursements by bank) 99,400 89,200 Checks drawn (squeeze)
1-Apr 15,000
6. Washing Co. had the following bank reconciliation at March 31, 20x1:
Balance per bank statement, 3/31/x1 46,500
Add deposit in transit 10,300
56,800
Less outstanding checks 12,600
Balance per books, 3/31/x1 44,200
Data per bank for the month of April 20x1:
Deposits………………………………………...….58,400
Disbursements ……………………………………49,700
All reconciling items at March 31, 20x1 cleared the bank in April. Outstanding checks at April 30, 20x1 totaled ₱7,000. There were no deposits in
transit at April 30, 20x1. What is the cash balance per books at April 30, 20x1?
Solution:
Bal. per bank statement – Apr. 30 (46.5K + 58.4K – 49.7K) 55,200
Less: Outstanding check as of Apr. 30 (7,000)
Bal. per books – Apr. 30 48,200
Alternative solution:
Deposits per bank - April 20x1 58,400
Less: DIT in March that cleared in April (10,300)
Add: DIT as of April 30 -
Cash receipts per books – April 48,100
Disbursements per bank - April 20x1 49,700
Less: OC in March that cleared in April (12,600)
Add: OC as of April 30 7,000
Disbursements per books – April 44,100
Cash per books - Mar. 31 (given) 44,200
This study source was downloaded by 884789 from cliffsnotes.com on 04-13-2025 18:11:36 GMT -05:00
102
ACCTG
MIDTERM
102
ACCTGMIDTERM
QUIZ
102 MIDTERM
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH
QUIZ SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2 WITH SOLUTION.pdf~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!_(*))))))))))))))))))*@&^#(&^~&*@&*&!~&*@((*~~~~~~~~~~~~~~~~~~~~~~
https://www.cliffsnotes.com//study-notes/6735191
