3. The following accounts and their balances appear in an unadjusted trial balance ofCASHEW Company as of December 31, 2021: *Cash and cash equivalents400,000Trade and other receivables2,000,000Subscription receivables375,000InventoryTrade and other payablesIncome tax payable500,000670,000196,500Additional information:• Trade and other receivables include long-term advances to company officers amounting to P430,000The subscriptions receivable has the following call dates: June 30, 2022 – P200,000; December 31,2022 - P100,000; and June 30, 2023-975,000Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costingP125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goodsand 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 ispayable 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?

Current Liabiltiies are those liabilities and dues that needs to be paid out in short term or in a…

Answered: 3. The following accounts and their…

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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The following accounts and their balances appear in an unadjusted trialbalance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000;Subscription receivable - 375,000; Inventory -500,000; Trade and otherpayables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) 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 Achiever's own shares. 1.What is the total current assets at December 31, 2020? 2.What is the total current liabilities at December 31, 2020?
only need solution 48. The following accounts and their balances appear in an unadjusted trial balance of Melon Companyas of December 31, 2020.• Cash and cash equivalents- P400,000• Inventory- P500,000• Trade and other receivables- P2,000,000• Trade and other payables- P670,000• Subscription receivable- P375,000• Income tax payable- P196,500Additional information: Trade and other receivables include long-term advances to company officers amounting toP430,000. The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31,2021, P100,000; and June 30, 2022, P75,000. Inventory of P500,000 was determined by physical count. On December 31, 2020, goods costingP125,000 are in transit from a supplier. The terms of purchase of said goods are FOB shippingpoint. 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 ispayable in cash and P100,000 is…
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) 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 Achiever's own shares. What is the total current assets at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) 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 Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) 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 Achiever's own shares. What is the total current assets at December 31, 2020? Using the information of Achiever Company, what is the total current liabilities at December 31, 2020? On May 1, 2020, GAL Co. purchased a short-term P2,000,000 face value, 9% debt…
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) 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 Achiever's own shares. 1. What is the total current assets at December 31, 2020? 2. Using the information of Achiever Company, what is the total current liabilities at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of JISOO Company as of December 31, 2021: Cash and cash equivalents -₱400,000;Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000;Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 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. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is…
The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: Cash and cash equivalents P400,000 Trade and other receivables 2,000,000 Subscription receivables 375,000 Inventory 500,000 Trade and other payables 670,000 Income tax payable 196,500 Additional Information: - Trade and othe 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 transit from a supplier. Terms of purchase of the…
The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 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. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable…
The following accounts and their balances appear in an unadjusted trial balance of YOU Company as of December 31, 2018: Cash and cash equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivables - 375,000; Inventory - 500,000; Trade and other payables - 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, 2019 – P200,000; December 31, 2019 – P100,000; and June 30, 2020 – P75,000• Inventory of P500,000 was determined by physical count. At December 31, 2018, 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 YOU’s own…
The following is the trial balance of Aroro Enterprise as at 31 August 2019 (48400+100) Particulars Debit (RM) Credit (RM) 48,400 Capital Drawings Trade receivables Ac-tecaNables Trade payables Sales 3,500 9,000 Ac-payable 3500 12,500 40,400 Purchases Sales returns Purchases returns Wages and salaries E Discounts allowed Discounts received Provision for doubtful debts Insurance 31,000 300 250 (5,600 120 enses zmings ability equity 200 300 700 2,400 (950 (350 10,000 3,000 20,000 Inventory as at 1 September 2018 Utilities revenye Rates Premises Fixtures and fittings Motor van Cash in hand 330 Cash at bank 14,800 102,050 TOTAL 102,050 = 3,300-160 - 3900 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took…
4. What is the balance of AR Corporation's Accounts Receivable as of Dec. 31, 2021? 5. What is the amount of the current accounts receivable of AR Corporation that might prove to be uncollectible? 6. What is the balance of the allowance for uncollectible accounts before adjustments of AR Corporation on December 31, 2021?

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