Where do current assets and current liabilities come from? Current ratio= 1739300/135000= 12.51 TimesPARTICULARCURRENT ASSETSCURRENT LIABILITIESCash1733000Prepaid Insurance5000Supplies1300Creditors120000Salary payable15000Total17,39,3001,35,000 The Jirapar CO.TransactionsDateAccounting TransactionThai BahtSupak invested property in companyThiraphat invested cash in companyPuchita invested land in companyJan. 271,500,000Jan. 272,000,000500,000320,000Jan. 27Company purchased office equipment on creditCompany purchased electrical equipment as 100,000 Baht, but accountantFeb. 1Feb. 2paid cash at time of purchase only 10 percent of the total amountCompany completed services for customer name Lelawan which she will paidcash to company in the next 30 daysCompany completed work to Phisamai on creditCompany received cash from Phisamai for February 5 workCompany paid cash for office equipment purchased on February 1Supak withdrew cash for personal useCompany collected cash for work completed from PanayaCompany paid cash for month's utility billCompany paid employee's salaryCompany purchase insurance premium for six months'Company received payment from Lelawan full amountThiraphat withfrew cash for personal useCompany purchased office suppied by cashCompany purchased computer equipment on creditFeb. 330,000Feb. 530,000Feb. 10Feb. 12Feb. 1725,000Feb. 1960,000Feb. 244,000Feb. 2815,000Mar. 16,000Mar. 3Mar. 55,000Mar. 102,000Mar. 1230,000Additional items for March 31, 2021 adjusted entriesExpired insurance coverageOffice supplied on hand at the end of marchComputer equipment - depreciation expense for MarchUnpaid salaries since 1 MarchOffice equipment - depreciation expense per a month(a)1,000(b)|(c)|(d)|(e)1,30030015,0002,000

Current Assets = Cash + Supplies + Prepaid Insurance Current Liabilities = Creditors + Salary…

Answered: Where do current assets and current…

Business

Accounting

Where do current assets and current liabilities come from?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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