Mayon Company reported the following at December 31, 2021: Cash 4,500,000 Accounts receivable 7,500,000 Notes receivable (net of discounted note P500,000) Inventory Current assets 2,000,000 4,000,000 18,000,000 An analysis disclosed that accounts receivable comprises the following: Trade accounts receivable 5,000,000 (500,000) Allowance for doubtful accounts Selling price of Mayon Company's unsold goods sent to Baguio Company on consignment at 150% of cost and excluded from Mayon's ending inventory 3,000,000 Total Accounts receivable 7,500,000
Mayon Company reported the following at December 31, 2021: Cash 4,500,000 Accounts receivable 7,500,000 Notes receivable (net of discounted note P500,000) Inventory Current assets 2,000,000 4,000,000 18,000,000 An analysis disclosed that accounts receivable comprises the following: Trade accounts receivable 5,000,000 (500,000) Allowance for doubtful accounts Selling price of Mayon Company's unsold goods sent to Baguio Company on consignment at 150% of cost and excluded from Mayon's ending inventory 3,000,000 Total Accounts receivable 7,500,000
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 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...
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Question
What amount should be reported as total current assets at December 31, 2021?
A. 17,000,000
B. 17,500,000
C. 15,000,000
D. 16,500,000
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