Acue Company reported current assets of P3,900,000 and current liabilities of P2,000,000 on its statement of financial position as of December 31, 2017. The following items may have been recorded incorrectly. The company uses the periodic inventory system. • Goods purchased costing P220,000 were shipped FOB shipping point by a vendor on December 26. Acue received and recorded the invoice on December 29, 2017. but the goods were not included in Acue's physical count of inventory because they were not received until January 4, 2018. • Goods purchased costing P200,000 were shipped FOB destination by a supplier on December 28. Acue received and recorded the invoice on December 31, but the goods were not included in Acue's 2017 physical count of inventory because they were not received until January 2, 2018. Goods held on consignment from Si Company were included in Acue's December 31, 2017. physical count of inventory at P130,000. What is the current ratio after corrections are made? O 2,11 to 1 O 229 to 1 O 2.22 to 1 O 2. 12 to 1

Acue Company reported current assets of P3,900,000 and current liabilities of P2,000,000 on its statement of financial position as of December 31, 2017. The following items may have been recorded incorrectly. The company uses the periodic inventory system. • Goods purchased costing P220,000 were shipped FOB shipping point by a vendor on December 26. Acue received and recorded the invoice on December 29, 2017. but the goods were not included in Acue's physical count of inventory because they were not received until January 4, 2018. • Goods purchased costing P200,000 were shipped FOB destination by a supplier on December 28. Acue received and recorded the invoice on December 31, but the goods were not included in Acue's 2017 physical count of inventory because they were not received until January 2, 2018. Goods held on consignment from Si Company were included in Acue's December 31, 2017. physical count of inventory at P130,000. What is the current ratio after corrections are made? O 2,11 to 1 O 229 to 1 O 2.22 to 1 O 2. 12 to 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is TDS on commission, what is stated under section 194 H?
Discuss the sanctions associated with issue of dud cheques
Which organization is responsible for promulgating U.S. GAAP?
Match the words with the term. 12345 current liability 1. taxes payable 2. share capital 3. inventories 4. land 5. trademark
Choose three out of six differences on page 55, (attached) and, for each of these three differences, "explain" whether you prefer IFRS or U.S. GAAP.?
The NEC is published by whom?
wG4Dk117HJktSSZOuFUPAdVMUVw_Qlz7Q/formResponse C. renewal notice O D. completion notes 18. A warning on duty to disclose changes affecting the existing policy inspection are sent to insured through proposal form O B. certificate of insurance O C. renewal notice O D. completing notes 19. is the document that acknowledge the insured legally entitled to
Differentiate between IFRS vs. U.S. GAAP.
12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 102 02 X BANK DTH DOLAR XXX120 02 INTERNATIONAL BUYER XXX646 02 IR. CHANGE DIFFERENCE XXXWhich transaction does the journal entry belong to? A) Collection record of the export in the current periodB) Import fee transfer recordC) Foreign income registrationD) Recording of the return of the export priceE) Registration of collection in the next period of the export
What is the purpose of Presidential Decree 717?Explain in your own words
14.
Define copyrights.