Mumay Company trial balance has the following selected accounts: Cash (includes P100,000 in bond sinking fund for long term bond payable) 500,000 Accounts receivable 200,000 Allowance of uncollectible accounts 50,000 Deposits received from customers Merchandise inventory 30,000 70,000 Unearned rent 10,000 Investment at fair value to profit or loss 20,000 What amount should Mumay Company report as total current assets in its statement of financial position? A. 640,000 B. 670,000 C. 720,000 D. 740,000

Mumay Company trial balance has the following selected accounts: Cash (includes P100,000 in bond sinking fund for long term bond payable) 500,000 Accounts receivable 200,000 Allowance of uncollectible accounts 50,000 Deposits received from customers Merchandise inventory 30,000 70,000 Unearned rent 10,000 Investment at fair value to profit or loss 20,000 What amount should Mumay Company report as total current assets in its statement of financial position? A. 640,000 B. 670,000 C. 720,000 D. 740,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 5RE

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