3. Pagadian, Inc. reported the following during the year: P400,000 proceeds of life insurance of an officer where Pagadian is the beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accrued interest P300,000 increase in value of investment in stocks Compute the gross income under cash basis. P 800,000 b. P1,000,000 c. P1,200,000 d. P1,400,000 a.

3. Pagadian, Inc. reported the following during the year: P400,000 proceeds of life insurance of an officer where Pagadian is the beneficiary (P600,000 still uncollected.) P800,000 interest income, exclusive of P200,000 uncollected and accrued interest P300,000 increase in value of investment in stocks Compute the gross income under cash basis. P 800,000 b. P1,000,000 c. P1,200,000 d. P1,400,000 a.

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

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 5RE

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Will Inc. provided the following information at year-end: Cash and cash equivalents..... Accounts receivable, net of P 1000,000 allowance. .P 500,000 2,000,000 Inventory.. Property, plant and equipment, net. Accounts payable. Wages payable. Share capital.. Share premium. • The only asset not listed is its short-term investments of P 500,000. • The only liabilities not listed are a P 3,000,000 notes payable due in 2 years and the 6,000,000 12,000,000 4,400,000 1,500,000 6,000,000 4,000,000 related accrued interest of P 100,000 due in 4 months. How much is the current liabilities as of December 31, 2021?
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