0/quizzes/137563/take Advances to supplier: 600,000 currently collectible: 300,000 Advances to officers AFDA: (100,000) Selling price of items invoiced at 120% of cost but not yet delivered and excluded from inventory.: 600,000 3,000,000 Other matters: after reviewing the Accounts payable to suppliers, the only portion under current liabilities. Trade accounts payable has an amount worth 2450,000 net of debit balance worth 50,000. How much is the current liabilities under SFP that should be reported at the end of the year?
0/quizzes/137563/take Advances to supplier: 600,000 currently collectible: 300,000 Advances to officers AFDA: (100,000) Selling price of items invoiced at 120% of cost but not yet delivered and excluded from inventory.: 600,000 3,000,000 Other matters: after reviewing the Accounts payable to suppliers, the only portion under current liabilities. Trade accounts payable has an amount worth 2450,000 net of debit balance worth 50,000. How much is the current liabilities under SFP that should be reported at the end of the year?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
No repeating of answer please
Transcribed Image Text:The current section of the unadjusted SFP of MVP INC. is as follows:
CASH: 2M
AR: 3M
INVTY: 1.9M
Notes:
A review of the accounts showed that the cash balance of 2M included a customer
checks amounting to 100K returned by bank as NSF and an employee IOUS of 50K.
Upon reviewing the composition of AR's 3M value you found these:
balance: 1.6M
Advances to supplier: 600,000
currently collectible: 300,000
Customer debit
Advances to officers
Transcribed Image Text:5810/quizzes/137563/take
Advances to supplier: 600,000
currently collectible: 300,000
Advances to officers
AFDA: (100,000)
Selling price of items invoiced at 120% of cost but not yet delivered and excluded
from inventory.: 600,000
3,000,000
Other matters: after reviewing the Accounts payable to suppliers, the only portion
under current liabilities. Trade accounts payable has an amount worth 2450,000 net of
debit balance worth 50,000.
How much is the current liabilities under SFP that should be reported at the end of
the year?
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