7th Accounting Quiz Show

Cash restricted for the acquisition of a noncurrent asset is classified as a noncurrent asset and not cash and cash equivalents which is current.

Petty cash fund                                           10,000
Savings account - BPI                               50,000
Savings account - Unionbank                 60,000
Savings account - Metrobank                  10,000
Checking account - BPI (overdraft)      (50,000)
Checking account - Mizuho Bank           60,000
Cash                                                               10,000
Short term deposits                                  100,000
Total                                                             250,000

BPI - with a savings and checking account, balances offset to each other.

Cash balance                                   P3,000,000
Postdated customer check               (100,000)
Postdated customer check              (200,000)
Postdated check payable to supplier 50,000
Petty cash fund                                     (27,000)
Total                                                     2,723,000

Actual Selling Price (CU 50*.95)     45
Budgeted Selling Price                       50
Variance                                                  5
Multiply by Actual Quantity         9,500
Selling Price Variance                   47,500

Actual Selling Price (CU 50*.95)     45
Budgeted Selling Price                       50
Variance                                                  5
Multiply by Actual Quantity         9,500
Selling Price Variance                   47,500   (Unfavorable)