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3. The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: * Cash and cash equivalents 400,000 Trade and other receivables 2,000,000 375,000 Subscription receivables Inventory Trade and other payables 500,000 670,000 Income tax payable 196,500 Additional information: • Trade and other receivables include long-term advances to company officers amounting to P430,000 • The subscriptions receivable has the following call dates: June 30, 2022 – P200,000; December 31, 2022 - P100,000; and June 30, 2023- P75,000 Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in CASHEW's own shares. What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?

3. The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: * Cash and cash equivalents 400,000 Trade and other receivables 2,000,000 375,000 Subscription receivables Inventory Trade and other payables 500,000 670,000 Income tax payable 196,500 Additional information: • Trade and other receivables include long-term advances to company officers amounting to P430,000 • The subscriptions receivable has the following call dates: June 30, 2022 – P200,000; December 31, 2022 - P100,000; and June 30, 2023- P75,000 Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in CASHEW's own shares. What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?

FINANCIAL ACCOUNTING
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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3. The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: * Cash and cash equivalents 400,000 Trade and other receivables 2,000,000 Subscription receivables 375,000 Inventory Trade and other payables Income tax payable 500,000 670,000 196,500 Additional information: • Trade and other receivables include long-term advances to company officers amounting to P430,000 The subscriptions receivable has the following call dates: June 30, 2022 – P200,000; December 31, 2022 - P100,000; and June 30, 2023-975,000 Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in CASHEW's own shares. What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?
Transcribed Image Text:3. The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: * Cash and cash equivalents 400,000 Trade and other receivables 2,000,000 Subscription receivables 375,000 Inventory Trade and other payables Income tax payable 500,000 670,000 196,500 Additional information: • Trade and other receivables include long-term advances to company officers amounting to P430,000 The subscriptions receivable has the following call dates: June 30, 2022 – P200,000; December 31, 2022 - P100,000; and June 30, 2023-975,000 Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. • Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in CASHEW's own shares. What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?
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