Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021: Accounts payable-P980,000; Accounts receivable-P2,160,000; Allowance for bad debts-P250,000; Cash-P224,000; Wages payable-P108,000; Trademarks-P450,000; Long-term advances to officers-P1,500,000; Inventory-P830,000; Income taxes payable-P720,000; Notes receivable(short-term)-P970,000; Bond redemption fund-P1,800,000; Bonds payable-P5,000,000; Premium on bonds payable-P400,000; Treasury shares-P576,000. How much were the total current assets at December 31, 2021? (A) P5,434,000 (B P4,510,000 P3,934,000 D) P3,943,000
Shown below are selected accounts and their balances for the KTS Company as of December 31, 2021: Accounts payable-P980,000; Accounts receivable-P2,160,000; Allowance for bad debts-P250,000; Cash-P224,000; Wages payable-P108,000; Trademarks-P450,000; Long-term advances to officers-P1,500,000; Inventory-P830,000; Income taxes payable-P720,000; Notes receivable(short-term)-P970,000; Bond redemption fund-P1,800,000; Bonds payable-P5,000,000; Premium on bonds payable-P400,000; Treasury shares-P576,000. How much were the total current assets at December 31, 2021? (A) P5,434,000 (B P4,510,000 P3,934,000 D) P3,943,000
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
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning