What total amount of current assets should be reported by the entity on December 31, 2019? An entity reported the following current assets on December 31, 2019Cash including fund of 300,000 set aside toacquire am equipment, to be disbursed onMarch 31, 20202,000,000Trade and other receivables3,500,000Inventory including 400,000 cost of goods intransit purchased FOB destination. The goods2,800,000are received on January 3, 2020ТOTAL8,300,000The trade and other receivables included the following:Trade accounts (of which 10% is considered1,500,000doubtful in collection)Advances to affiliated entities1,000,000600,000Dividends ReceivableClaims against shipper400,0003,500,000ТОTALWhat amount of total current assets should be reported by the entity on December 31, 2019?

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What total amount of current assets should be reported by the entity on December 31, 2019

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

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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