Financial assetsTwilight Co. has the following assets on Dec. 31, 20x1:Petty cash fundCash in bank10,000 Prepaid income tax40,000 Prepaid assetsNotes receivable (N/R) 130,000 Inventory10,0004,000380,000(7,000) Held for trading securities 60,00040,00012,00075,000Discount on N/RLoan receivable (L/R)Loss allowance on L/R (4,000) Deferred tax assetsAdvances to suppliers 12,00080,000Investment in associatePlant expansion fundRequirement: Compute for the total amount of financial assets.

Name: Financial assetsTwilight Co. has the following assets on Dec. 31, 20x
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Financial assetsTwilight Co. has the following assets on Dec. 31, 20x1:Petty cash fundCash in bank10,000 Prepaid income tax40,000 Prepaid assetsNotes receivable (N/R) 130,000 Inventory10,0004,000380,000(7,000) Held for trading securities 60,00040,00

Financial assets: These often includes all the assets that are of non-physical nature and are…

Business

Accounting

Financial assets Twilight Co. has the following assets on Dec. 31, 20x1: Petty cash fund Cash in bank Notes receivable (N/R) 130,000 Inventory Discount on N/R Loan receivable (L/R) 80,000 Loss allowance on L/R (4,000) Deferred tax assets Advances to suppliers 12,000 10,000 Prepaid income tax 40,000 10,000 | 4,000 380,000 (7,000) Held for trading securities 60,000 40,000 12,000 75,000 Prepaid assets Investment in associate Plant expansion fund Requirement: Compute for the total amount of financial assets.

Financial assets Twilight Co. has the following assets on Dec. 31, 20x1: Petty cash fund Cash in bank Notes receivable (N/R) 130,000 Inventory Discount on N/R Loan receivable (L/R) 80,000 Loss allowance on L/R (4,000) Deferred tax assets Advances to suppliers 12,000 10,000 Prepaid income tax 40,000 10,000 | 4,000 380,000 (7,000) Held for trading securities 60,000 40,000 12,000 75,000 Prepaid assets Investment in associate Plant expansion fund Requirement: Compute for the total amount of financial assets.

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 13MCQ

See similar textbooks

Similar questions

A Company provided the following account balances on December 31, 2021: Financial assets at FVTOCI 300,000 Cash in bank (net of bank overdraft of P100,000) 500,000 Petty cash fund 40,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Financial assets at amortized cost/held to maturity 600,000 Accounts receivable 2,100,000 Undeposited collections (including P10,000 customer’s check return, DAIF) 100,000 Allowance for uncollectible accounts 200,000 Trade installment accounts receivable, including P60,000 due after a year 145,000 Cash surrender value of life insurance 50,000 Prepaid expenses 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 700,000 Patent 300,000 Accumulated amortization 20,000 [Q2]: Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current assets on December 31, 2020?
1. SaKanya Company provided the following information on December 31, 2020: Cash in Bank (net of bank overdraft of P500,000) P5,000,000, Petty cash fund (unreplenished PCF P10,000) 50,000, Notes Receivable P4,000,000. Accounts receivable (net of customers credit balance of P1,500,000) P6,000,000, Inventory P3,000,000, Bond Sinking fund P3,000,000, Total current assets P21,050,000. Accounts payable (net of suppliers debit balances of P1,000,000) P7,000,000, Notes payable P4,000,000, Bonds payable due June 20, 2021 P3,000,000, Accrued expenses P2,000,000. Total current liabilities P16,000,000. What amount should be reported as total current liabilities on December 31, 2020?
14 On December 31, 2022, the cash account of AA Company shows the following composition: Petty cash fund, P180,000; Cash in bank (payroll fund), P2,000,000; Interest and dividend fund, P250,000; Tax fund, P120,000; Cash in bank (current account), P3,000,000; Certificate of deposit (terms 90 days), P1,000,000; Certificate of deposit (terms 180 days), P1,500,000; Cash in foreign bank-restricted, P500,000; Money market fund, (60 days), P500,000; Money market funds (6 months), P900,000; Customer’s check dated February 15, 2021, P60,000; Customer’s check dated December 30, 2020 returned for lack of funds, P40,000; A 30-day BSP treasury bill, P1,000,000; A 3-year BSP treasury bill acquired three months prior to maturity, P1,200,000; Sinking fund cash, P800,000;Contingent fund, P900,000 Fund for the acquisition of fixed asset, P500,000; Travelers’ checks, P60,000; and Cashiers’ checks, P100,000. What is the correct cash and cash equivalents balance to be reported by AA Company on December…
The June 30, 2022 statement of financial position of Red Corporation shows a cash balance of P1,350,700. Included in the said amount were the following items: Petty cash fund (including expense receipts of P3,150)-P5,000; Sinking fund cash-P350,000; Payroll fund maintained with Metrobank- P275,000 ; Savings account at Banco de Oro-P120,800; Un-deposited collections P36,420; Cash in foreign bank (in equivalent pesos)-P72,000; Customer’s check on hand: Traveler’s check-P40,450; certified check-P17,120; customer’s check dated July 10, 2022, P26,450; 90-day BSP treasury bonds- P 150,000; 120-day BSP treasury bills-P250,000. What is the correct amount of cash and cash equivalents of Red Corporation at June 30, 2022?
San Antonio Corporation’s current assets and current liabilities section of the statement of financial position as of December 31, 20x1 appear as follows: Current assets Cash Accounts receivable P5,340,000 P2,400,000 Less: Allowance for doubtful accounts 420,000 4,920,000 Inventories 10,260,000 Prepaid expenses 540,000 Total current assets P18,120,000 Current liabilities Accounts payable P3,660,000 Notes payable 4,020,000 Total current liabilities P7,680,000 The following errors in the corporation’s accounting have been discovered: January 20x2 cash disbursements entered as of December 20x1 included payment of accounts payable amounting to P2,340,000, on which a cash discount of 2%…
For the purpose of stating the working capital of WWE Inc. on December 31,2021, the following data are submitted: Cash in bank, net of bank overdraft of P500,000 P5,000,000 Petty cash (unreplenished petty cash expenses, P10,000) 50,000 Notes receivable 4,000,000 Accounts receivable, net of accounts with credit balances of P1.5M 6,000,000 Inventory 3,500,000 Bond sinking fund 3,000,000 Total current assets P21,550,000 Accounts payable, net of…
A Company provided the following account balances on December 31, 2021:Accounts receivable P1,300,000 Allowance for bad debts 500,000 Financial assets at fair value through profit or loss400,000 Financial assets at amortized cost/held to maturity 1,100,000 Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000 Petty cash 10,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 1,100,000 Patent 300,000 Prepaid expenses 200,000 **Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
The statement of financial position of VKS Company dated October 31,2021, shows cash of P2,177,870. The following items were found to comprise this amount: Cash in Bank1, (outstanding checks as of year-end totaled P50,200)-P290,320; Petty cash fund (including expense receipts of P2,500)-P15,000; Undeposited sales receipts -P47,200; Sinking fund cash – P500,000; Cash surrender value of life insurance policy –P800,000; Cash in foreign bank (in equivalent pesos) - P250,000; Cash travel advances in the hands of sales personnel-P25,000; Customer’s check on hand: Traveler’s check – P14,450; Customer’s check dated November 3, 2021- P7,400; Manager’s check- P8,500; 120-day BSP Treasury bills- P120,000; 90 day, BSP treasury bills – P100,000. What is VKS's correct amount of cash and cash equivalents on October 31, 2021?
Kabugao Company provided the following information on December 31, 2019: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, (unreplenished petty cash expenses, P10,000) P50,000 Accounts receivable, (net of customers’ account with credit balances of P1,500,000 ) P6,000,000 Notes receivable 4,000,000 Inventory 3,000,000 Bond Sinking fund 3,000,000 Total current assets 21,050,000 Accounts payable,( net of supplier’s account with debit balances of P1,000,000 ) 7,000,000 Notes payable 4,000,000 Bonds payable, due June 30, 2020, 3,000,000 Accrued expenses 2,000,000 Total current liabilities 16,000,000 What amount should be reported as total current assets on December 31, 2019? a. P19,040,000 b. P20,240,000 c. P20,050,000 d. P24,040,000
An entity reported the following current assets on December 31, 2020: Cash in bank 4,000,000 Accounts receivable 7,000,000 Notes receivable 2,500,000 Notes receivable discounted (400,000) Inventory 4,500,000 Financial asset – FVPL 1,000,000 Financial asset – FVOCI 1,500,000 Prepaid expenses 200,000 Deferred tax asset 2,500,000 Equipment classified as “held for sale” 2,000,000 Total 24,800,000 Customers’ accounts 5,000,000 Allowance for doubtful accounts (500,000) Sale price of unsold goods out on consignment at 125% of cost and excluded from ending inventory 2,500,000 Net accounts receivable 7,000,000 What amount should be reported as total current assets on December 31, 2020?
India Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000 Petty Cash Fund 50,000 Security Bank current account 1,500,000 PNB current account 2,000,000 BDO current account (overdraft) ( 200,000) BSP treasury bill -120 days 3,000,000 BPI time deposit - 90 days 1,000,000 Bond Sinking Fund 2,500,000 PNB savings account (held as compensating balance-restricted) 500,000 The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000. The petty cash fund included unreplenished petty cash vouchers for P10,000 and an employee check for P5,000 dated January 31, 2021. The BPI time deposit is set aside for acquisition of land to be made in early January of 2021. The bond sinking fund is set aside for payment of bond payable due December 31, 2021 The PNB saving account was restricted as compensating balance for two years due to a loan agreement entered by India Company to PNB. Requirements:…