3. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021: Accounts receivable (net) - P24,000; Trading securities - P6,000; Accumulated depreciation on equipment and furniture - P15,000; Cash - P11,000; Inventory -P30,000; Equipment - P25,000; Patent - P4,000; Prepaid expenses - P2,000; Land held for future business site - P18,000. In Daniel's December 31, 2021 statement of financial position, the current assets total is 90,000 82,000 77,000 73,000
3. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021: Accounts receivable (net) - P24,000; Trading securities - P6,000; Accumulated depreciation on equipment and furniture - P15,000; Cash - P11,000; Inventory -P30,000; Equipment - P25,000; Patent - P4,000; Prepaid expenses - P2,000; Land held for future business site - P18,000. In Daniel's December 31, 2021 statement of financial position, the current assets total is 90,000 82,000 77,000 73,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3. Daniel Corp.'s trial balance
reflected the following account
balances at December 31, 2021:
Accounts receivable (net) -
P24,000; Trading securities -
P6,000; Accumulated
depreciation on equipment and
furniture - P15,000; Cash -
P11,000; Inventory -P30,000;
Equipment - P25,000; Patent -
P4,000; Prepaid expenses -
P2,000; Land held for future
business site - P18,000. In
Daniel's December 31, 2021
statement of financial position,
the current assets total is
90,000
82,000
77,000
73,000
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