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Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with Credit balances of PI,500,000 Inventory Bond sinking fund 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Total current assets 21.050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2.000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000

Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with Credit balances of PI,500,000 Inventory Bond sinking fund 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Total current assets 21.050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2.000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000

Intermediate Accounting: Reporting And Analysis
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
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Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Credit balances of P1,500,000 Inventory Bond sinking fund Total current assets 21,050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2,000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000
Transcribed Image Text:Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Credit balances of P1,500,000 Inventory Bond sinking fund Total current assets 21,050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2,000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000
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