REQUIRED: How much should PINK report as current assets on December 31, 2021? The December 31, 2021 statement of financial position of PINK Company contained the followingcurrent assets:Cash and cash equivalents2,400,525Accounts receivable, net1,775,500Inventories387,270Prepaid expenses500,000An examination revealed that:Cash – includes P200,000 set aside for plant expansion; cash in bank which is net of bank overdraft,P13,000; and petty cash fund which includes IOUS of employees, P1,500Accounts receivable – includes accounts with credit balances of P25,000; and accounts for writeoff, P12,500Inventories – includes goods held on consignment, P27,000; goods in transit to customers, FOBdestination, P50,250Prepaid expenses – consist of an insurance applicable for 6 months starting October 16, 2021,P80,000

Name: REQUIRED: How much should PINK report as current assets on December 31
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Description: REQUIRED: How much should PINK report as current assets on December 31, 2021? The December 31, 2021 statement of financial position of PINK Company contained the followingcurrent assets:Cash and cash equivalents2,400,525Accounts receivable, net1,775,

Solution Concept Cash set aside is termed as restricted cash and if it is restricted for long term…

Answered: REQUIRED: How much should PINK report…

Business

Accounting

REQUIRED: How much should PINK report as current assets on December 31, 2021?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 32BE

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