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2. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021: Accounts receivable (net) - P24,000; Trading securities - P6,000; Accumulated depreciation on equipment and furniture - P15,000; Cash - P11,000; Inventory -P30,000; Equipment - P25,000; Patent - P4,000; Prepaid expenses - P2,000; Land held for future business site - P18,000. In Daniel's December 31, 2021 statement of financial position, the current assets total is A. 90,000 B. 82,000 C. 77,000 D. 73,000

2. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021: Accounts receivable (net) - P24,000; Trading securities - P6,000; Accumulated depreciation on equipment and furniture - P15,000; Cash - P11,000; Inventory -P30,000; Equipment - P25,000; Patent - P4,000; Prepaid expenses - P2,000; Land held for future business site - P18,000. In Daniel's December 31, 2021 statement of financial position, the current assets total is A. 90,000 B. 82,000 C. 77,000 D. 73,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...
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2. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021: Accounts receivable (net) - P24,000; Trading securities - P6,000; Accumulated depreciation on equipment and furniture - P15,000; Cash - P11,000; Inventory -P30,000; Equipment - P25,000; Patent - P4,000; Prepaid expenses - P2,000; Land held for future business site - P18,000. In Daniel's December 31, 2021 statement of financial position, the current assets total is
A. 90,000
B. 82,000
C. 77,000
D. 73,000
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