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for the purpose of stating the working capital of MANILA Corporation on December 31, 1986, the following data are submitted: Cash in Bank, net of bank overdraft of P5,000                                                 56,000 Petty cash (unreplenished petty cash expenses, 400) 1000 Notes receivable, including discounted note of 25,000 75,000 Accounts receivable, net of accounts with credit balances of P10,000 110,000 Merchandise Inventory, including goods held on consignment of 18,000 148,000 Prepaid expenses 9,000 Total current assets                                                                                                                                        399,000 Accounts payable, net of accounts with debit balances of 5,000 60,000 Notes payable in annual installment at P100,000 payable every May 31 200,000 Accrued expenses, 8,000 Total current liabilities                                                                                                                                    268,000 The total current assets on December 31, 2017 should be:

for the purpose of stating the working capital of MANILA Corporation on December 31, 1986, the following data are submitted: Cash in Bank, net of bank overdraft of P5,000                                                 56,000 Petty cash (unreplenished petty cash expenses, 400) 1000 Notes receivable, including discounted note of 25,000 75,000 Accounts receivable, net of accounts with credit balances of P10,000 110,000 Merchandise Inventory, including goods held on consignment of 18,000 148,000 Prepaid expenses 9,000 Total current assets                                                                                                                                        399,000 Accounts payable, net of accounts with debit balances of 5,000 60,000 Notes payable in annual installment at P100,000 payable every May 31 200,000 Accrued expenses, 8,000 Total current liabilities                                                                                                                                    268,000 The total current assets on December 31, 2017 should be:

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 1COMP
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for the purpose of stating the working capital of MANILA Corporation on December 31, 1986, the following data are submitted:

  • Cash in Bank, net of bank overdraft of P5,000                                                 56,000
  • Petty cash (unreplenished petty cash expenses, 400) 1000
  • Notes receivable, including discounted note of 25,000 75,000
  • Accounts receivable, net of accounts with credit balances of P10,000 110,000
  • Merchandise Inventory, including goods held on consignment of 18,000 148,000
  • Prepaid expenses 9,000

Total current assets                                                                                                                                        399,000

  • Accounts payable, net of accounts with debit balances of 5,000 60,000
  • Notes payable in annual installment at P100,000 payable every May 31 200,000
  • Accrued expenses, 8,000

Total current liabilities                                                                                                                                    268,000

The total current assets on December 31, 2017 should be:

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