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
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
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
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Problem 4QY: What is the journal entry to record an NSF check, from J. Smith for 250, that is returned with the...
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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
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