58. The following balance sheet was prepared by the bookkeeper for Strawberry Company as of December 31, 2021. • Cash- P80,000 • Accounts receivable (net)- P52,200 • Inventories- P57,000 • Investments- P76,300 • Equipment (net)- P96,000 • Patents- P32,000 • Accounts payable- P75,000 • Long-term liabilities- P100,000 • Stockholders' equity- P218,500 The following additional information is provided: 1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraft of P2,500 has been deducted. 2. The net accounts receivable balance includes: (a) accounts receivable- debit balances P60,000; (b) accounts receivable- credit balances P4,000; (c) allowance for doubtful accounts P3,800. 3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables of P3,000 were recorded on these goods. 4. Investments include investments in equity securities at fair value through P/L- P19,000 and investments in equity securities at fair value through OCI- P48,300, and franchises P9,000. 5. Equipment costing P5,000 with accumulated depreciation P4,000 is no longer used and is held for sale. Accumulated depreciation on the other equipment is P40,000. How much is the total current assets? P206,300-answer 59. Using the data in no. 58, how much are the total liabilities and capital? P400,000-answer
58. The following
December 31, 2021.
• Cash- P80,000
•
• Inventories- P57,000
• Investments- P76,300
• Equipment (net)- P96,000
• Patents- P32,000
• Accounts payable- P75,000
• Long-term liabilities- P100,000
•
The following additional information is provided:
1. Cash includes the cash surrender value of a life insurance policy P9,400, and a bank overdraft
of P2,500 has been deducted.
2. The net accounts receivable balance includes:
(a) accounts receivable- debit balances P60,000;
(b) accounts receivable- credit balances P4,000;
(c) allowance for doubtful accounts P3,800.
3. Inventories do not include goods costing P3,000 shipped out on consignment. Receivables of
P3,000 were recorded on these goods.
4. Investments include investments in equity securities at fair value through P/L- P19,000 and
investments in equity securities at fair value through OCI- P48,300, and franchises P9,000.
5. Equipment costing P5,000 with
for sale. Accumulated depreciation on the other equipment is P40,000.
How much is the total current assets?
P206,300-answer
59. Using the data in no. 58, how much are the total liabilities and capital?
P400,000-answer
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