The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678 An examination of the accounts disclosed that the accounts receivable consisted of the following items: Trade customers’ accounts P357,742 Due from employees – current 43,658 Equity in P50,000 of uncollected accounts receivable assigned under guaranty 16,000 Selling price of merchandise on consignment at 140% of cost and not sold by consignee 50,400 Allowance for doubtful accounts (15,000) P452,800 What should be the adjusted amount of the current assets as at December 31, 1979?
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 43E: Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required:...
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Question
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets:
|
Cash |
P 96,578 |
|
|
452,800 |
|
Inventories |
376,300 |
|
|
P925,678 |
An examination of the accounts disclosed that the accounts receivable consisted of the following items:
|
Trade customers’ accounts |
P357,742 |
|
Due from employees – current |
43,658 |
|
Equity in P50,000 of uncollected accounts receivable assigned under guaranty |
16,000 |
|
Selling price of merchandise on consignment at 140% of cost and not sold by consignee |
50,400 |
|
Allowance for doubtful accounts |
(15,000) |
|
|
P452,800 |
What should be the adjusted amount of the current assets as at December 31, 1979?
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