Valix Finacc vol 1 Problem 3-3

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 1 Problem 3-3

Problem 3-3

a.  Undeposited collections                                                                                 60,000

      Cash in bank – PCIB                                                                                     500,000    

      Cash in bank – PCIB (for payroll)                                                                  150,000

      Cash in bank  - PCIB (savings deposit)                                                         100,000

      Money market instrument – 90 days                                                          2,000,000

      Total cash and cash equivalents                                                  2,810,000

b.  Accounts receivable (15,000 + 25,000)                                   40,000

     Cash in foreign bank                                                             100,000

     Advances to officers                                                               30,000

     Sinking fund cash                                                                  450,000

     Trading securities                                                                   120,000

            Bank overdraft                                                                                         50,000

            Cash                                                                                                       690,000