The following items were among those that appeared on Rubi Co.’s books at the end of 20X1: Merchandise inventory P600,000 Loans to employees 20,000 What amount should Rubi classify as monetary assets in preparing constant peso financial statements? a.0 b.20,000 c. 600,000
The following items were among those that appeared on Rubi Co.’s books at the end of 20X1: Merchandise inventory P600,000 Loans to employees 20,000 What amount should Rubi classify as monetary assets in preparing constant peso financial statements? a.0 b.20,000 c. 600,000
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 3AP
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Question
1.The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:
Merchandise inventory P600,000
Loans to employees 20,000
What amount should Rubi classify as monetary assets in preparing constant peso financial statements?
a.0
b.20,000
c. 600,000
d.620,000
2. The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:
Demand bank deposits P650,000
Net Long-Term Receivables 400,000
Patents and Trademarks 150,000
In preparing constant peso financial statements, how much should Baird classify as monetary assets?
a.1,200,000
b.1,050,000
c.800,000
d.650,000
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