The following accounts and their balances appear in an unadjusted trial balance of Shine Company as of December 31, 2018: Cash and Cash Equivalents - 400,000 Trade and other receivables - 2,000,000 Subscription receivable - 375,000 Inventory - 500,000 Trade and other payables - 670,000 Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2019, P200,000 December 31, 2019, P100,000 and June 30, 2020, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Shine’s own shares. Using the information of Shine’s Company, what is the total current liabilities at December 31, 2018?

The following accounts and their balances appear in an unadjusted trial balance of Shine Company as of December 31, 2018: Cash and Cash Equivalents - 400,000 Trade and other receivables - 2,000,000 Subscription receivable - 375,000 Inventory - 500,000 Trade and other payables - 670,000 Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2019, P200,000 December 31, 2019, P100,000 and June 30, 2020, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Shine’s own shares. Using the information of Shine’s Company, what is the total current liabilities at December 31, 2018?

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...

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The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. 1. What is the total current assets at December 31, 2020? 2. Using the information of Achiever Company, what is the total current liabilities at December 31, 2020?
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