Compute for the total current assets on December 31, 2X14 CASE 1: PM CompanyM Company provided the following adjusted account balances on December 31, 2X14:Wages payableP250,000Cash200,000Mortgage payableDividends payable1,500,000150,000100,000Prepaid rentInventorySinking fund800,000500,000Short-term investments300,000Taxes payableAccounts payable220,000240,000Accounts receivable350,000

Current assets: These include all the assets that can be easily or readily transformed or converted…

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Compute for the total current assets on December 31, 2X14

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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Question

Compute for the total current assets on December 31, 2X14

CASE 1: PM Company
M Company provided the following adjusted account balances on December 31, 2X14:
Wages payable
P250,000
Cash
200,000
Mortgage payable
Dividends payable
1,500,000
150,000
100,000
Prepaid rent
Inventory
Sinking fund
800,000
500,000
Short-term investments
300,000
Taxes payable
Accounts payable
220,000
240,000
Accounts receivable
350,000

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