Chad Corporation for the year ended December 31, 2022, has these balances: Traveler’s check P 150,000 Money orders 90,000 Customer’s not-sufficient-fund check 30,000 Customer’s check dated January 5, 2023 15,000 Current account at Bank of the Philippine Island 6,000,000 Current account at Equitable PCI Bank (300,000) Payroll account 1,500,000 Foreign bank account – restricted (in USD)** 60,000 Postage stamps 3,000 Employee’s postdated check 12,000 IOU from a key officer 30,000 Credit memo from a vendor for a purchase return 60,000 Petty cash fund (P12,000 currency and expense vouchers for P18,000) 30,000 Treasury bills, due 3/31/23 (purchased 12/31/22) 600,000 Treasury bills, due 3/31/23 (purchased 1/1/22) 900,000 Change fund 10,000 Bond sinking fund 1,000,000 Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD. How much from the list above should be presented as part of non-current assets? Group of answer choices A. 1,000,000 B. 4,000,000 4,900,000 5,500,000
Chad Corporation for the year ended December 31, 2022, has these balances:
|
Traveler’s check |
P 150,000 |
|
Money orders |
90,000 |
|
Customer’s not-sufficient-fund check |
30,000 |
|
Customer’s check dated January 5, 2023 |
15,000 |
|
Current account at Bank of the Philippine Island |
6,000,000 |
|
Current account at Equitable PCI Bank |
(300,000) |
|
Payroll account |
1,500,000 |
|
Foreign bank account – restricted (in USD)** |
60,000 |
|
Postage stamps |
3,000 |
|
Employee’s postdated check |
12,000 |
|
IOU from a key officer |
30,000 |
|
Credit memo from a vendor for a purchase return |
60,000 |
|
Petty cash fund (P12,000 currency and expense vouchers for P18,000) |
30,000 |
|
Treasury bills, due 3/31/23 (purchased 12/31/22) |
600,000 |
|
Treasury bills, due 3/31/23 (purchased 1/1/22) |
900,000 |
|
Change fund |
10,000 |
|
Bond sinking fund |
1,000,000 |
|
Exchange rate as of December 31, 2022 is at P50 for every USD. Average exchange rate is at P45 for every USD. |
How much from the list above should be presented as part of non-current assets?
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