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MCP 31-7- Current assets and current liabilities The accounts below were taken from the unadjusted trial balance of Nathalie Co. as at Dec. 31, 2021: Cash Investment in shares, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 Bonds payable Share dividends payable Income tax payable Analysis of the above accounts disclosed the following: a. Bank overdraft of P13,000 was deducted from cash balance. b. Trade accounts receivable was net of customers' deposit of P7,000. c. Merchandise worth P15,000 received Dec. 30, 2021 was included in the inventory but was not recorded as a purchase. d. Accounts payable was net of accounts with debit balance of P12,000. 250,000 15,000 28,000 e. A bank loan of P30,000 due Dec. 31, 2023 was included in the notes payable balance. f. Bonds payable which was issued in 2021 will mature in five annual installments beginning June 1, 2022. g. Investment in shares consists of 10,000 ordinary shares with published price quotation at Dec. 31, 2021 of P9 per share. These shares are designated as FVTOCI and the entity expects to sell these in 2022. 1. The total current assets at Dec. 31, 2021 is a. P587,000

MCP 31-7- Current assets and current liabilities The accounts below were taken from the unadjusted trial balance of Nathalie Co. as at Dec. 31, 2021: Cash Investment in shares, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 Bonds payable Share dividends payable Income tax payable Analysis of the above accounts disclosed the following: a. Bank overdraft of P13,000 was deducted from cash balance. b. Trade accounts receivable was net of customers' deposit of P7,000. c. Merchandise worth P15,000 received Dec. 30, 2021 was included in the inventory but was not recorded as a purchase. d. Accounts payable was net of accounts with debit balance of P12,000. 250,000 15,000 28,000 e. A bank loan of P30,000 due Dec. 31, 2023 was included in the notes payable balance. f. Bonds payable which was issued in 2021 will mature in five annual installments beginning June 1, 2022. g. Investment in shares consists of 10,000 ordinary shares with published price quotation at Dec. 31, 2021 of P9 per share. These shares are designated as FVTOCI and the entity expects to sell these in 2022. 1. The total current assets at Dec. 31, 2021 is a. P587,000

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter9: Metric-analysis Of Financial Statements
Section: Chapter Questions
Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...
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Current assets and current liabilities The accounts below were taken from the unadjusted trial balance of Nathalie Co. as at Dec. 31, 2021: MCP 31-7 - Cash Investment in shares, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 Bonds payable Share dividends payable Income tax payable Analysis of the above accounts disclosed the following: a. Bank overdraft of P13,000 was deducted from cash balance. b. Trade accounts receivable was net of customers' deposit of P7,000. c. Merchandise worth P15,000 received Dec. 30, 2021 was included in the inventory but was not recorded as a purchase. d. Accounts payable was net of accounts with debit balance of P12,000. a. P272,000 b. P289,000 c.) P324,000 d. P339,000 250,000 15,000 28,000 e. A bank loan of P30,000 due Dec. 31, 2023 was included in the notes payable balance. f. Bonds payable which was issued in 2021 will mature in five annual installments beginning June 1, 2022. g. Investment in shares consists of 10,000 ordinary shares with published price quotation at Dec. 31, 2021 of P9 per share. These shares are designated as FVTOCI and the entity expects to sell these in 2022. 1. The total current assets at Dec. 31, 2021 is a. P587,000 b. P590,000 c. P598,000 d. P605,000 2. The total current liabilities at Dec. 31, 2021 is
Transcribed Image Text:Current assets and current liabilities The accounts below were taken from the unadjusted trial balance of Nathalie Co. as at Dec. 31, 2021: MCP 31-7 - Cash Investment in shares, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 Bonds payable Share dividends payable Income tax payable Analysis of the above accounts disclosed the following: a. Bank overdraft of P13,000 was deducted from cash balance. b. Trade accounts receivable was net of customers' deposit of P7,000. c. Merchandise worth P15,000 received Dec. 30, 2021 was included in the inventory but was not recorded as a purchase. d. Accounts payable was net of accounts with debit balance of P12,000. a. P272,000 b. P289,000 c.) P324,000 d. P339,000 250,000 15,000 28,000 e. A bank loan of P30,000 due Dec. 31, 2023 was included in the notes payable balance. f. Bonds payable which was issued in 2021 will mature in five annual installments beginning June 1, 2022. g. Investment in shares consists of 10,000 ordinary shares with published price quotation at Dec. 31, 2021 of P9 per share. These shares are designated as FVTOCI and the entity expects to sell these in 2022. 1. The total current assets at Dec. 31, 2021 is a. P587,000 b. P590,000 c. P598,000 d. P605,000 2. The total current liabilities at Dec. 31, 2021 is
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