For the purpose of stating the working capital of ABOKO Corporation on December 31, 1986, the following data are submitted: Cash on hand and in bank, net of bank of overdraft of P5,000 P 56,000 Petty cash (unreplenished petty cash expenses, P400) 1,000 Notes receivable, including discounted notes of P25,000 75,000 Accounts receivable, including accounts with credit balance of P10,000 110,000 Merchandise inventory, including goods held on consignment of P18,000 148,000 Prepaid expenses 9,000 Total current assets P399,000 Accounts payable, including accounts with debit balance of P5,000 P 60,000 Notes payable in annual installment at P100,000 payable every May 31 200,000 Accrued expenses 8,000 Total current liabilities P268,000 How much is the total current assets of ABOKO Corp. on December 31, 1986?
For the purpose of stating the
|
Cash on hand and in bank, net of bank of overdraft of P5,000 |
P 56,000 |
|
Petty cash (unreplenished petty cash expenses, P400) |
1,000 |
|
Notes receivable, including discounted notes of P25,000 |
75,000 |
|
|
110,000 |
|
Merchandise inventory, including goods held on consignment of P18,000 |
148,000 |
|
Prepaid expenses |
9,000 |
|
Total current assets |
P399,000 |
|
|
|
|
Accounts payable, including accounts with debit balance of P5,000 |
P 60,000 |
|
Notes payable in annual installment at P100,000 payable every May 31 |
200,000 |
|
Accrued expenses |
8,000 |
|
Total current liabilities |
P268,000 |
How much is the total current assets of ABOKO Corp. on December 31, 1986?
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