Data from National Corporation's most recent balance sheet appear below: Year 2 Year 1 Current assets: Cash Accounts receivable Inventory Prepaid expenses. Total current assets Total current liabilities P100 250 120 95 P565 P250 P160 300 110 80 P650 P270 Sales on account in Year 2 amounted to P1,440 and the cost of goods sold was P890.

Data from National Corporation's most recent balance sheet appear below: Year 2 Year 1 Current assets: Cash Accounts receivable Inventory Prepaid expenses. Total current assets Total current liabilities P100 250 120 95 P565 P250 P160 300 110 80 P650 P270 Sales on account in Year 2 amounted to P1,440 and the cost of goods sold was P890.

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

The working capital at the end of Year 2 is:

Data from National Corporation's most recent balance sheet appear below:
Year 2
Year 1
Current assets:
Cash
Accounts receivable
Inventory.
Prepaid expenses
Total current assets.
Total current liabilities.
P100
250
120
P160
300
110
80
P650
P270
95
P565
P250
Sales on account in Year 2 amounted to P1,440 and the cost of goods sold was
P890.

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