For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data are submitted: Cash on hand and in bank, net of bank overdraft of P50,000 Petty cash (unreplenished petty cash expenses, P4,000) Notes receivable Accounts receivable, net of accounts with credit balances of P100,000. Merchandise inventory, excluding unrecorded purchase of P200,000 on account in transit on Dec. 31, 2021 and shipped FOB shipping point on Dec. 31, 2021 Prepaid expenses Accounts payable, net of accounts with debit balances of P150,000 Note payable, with annual installment of P500,000 payable every May 31 Accrued expenses P 550,000 a. P3,950,000 b. P4,100,000 c. P4,300,000 d. P5,800,000 10,000 750,000 1,100,000 2,000,000 90,000 3,000,000 2,000,000 300,000 The total current liabilities of Jhon Company on Dec. 31, 2021 should be.
For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data are submitted: Cash on hand and in bank, net of bank overdraft of P50,000 Petty cash (unreplenished petty cash expenses, P4,000) Notes receivable Accounts receivable, net of accounts with credit balances of P100,000. Merchandise inventory, excluding unrecorded purchase of P200,000 on account in transit on Dec. 31, 2021 and shipped FOB shipping point on Dec. 31, 2021 Prepaid expenses Accounts payable, net of accounts with debit balances of P150,000 Note payable, with annual installment of P500,000 payable every May 31 Accrued expenses P 550,000 a. P3,950,000 b. P4,100,000 c. P4,300,000 d. P5,800,000 10,000 750,000 1,100,000 2,000,000 90,000 3,000,000 2,000,000 300,000 The total current liabilities of Jhon Company on Dec. 31, 2021 should be.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:For the purpose of starting the working capital of Jhon Company on
Dec. 31, 2021, the following data are submitted:
Cash on hand and in bank, net of bank overdraft of
P50,000
Petty cash (unreplenished petty cash expenses,
P4,000)
a.
b.
Notes receivable
Accounts receivable, net of accounts with credit
balances of P100,000.
Merchandise inventory, excluding unrecorded
purchase of P200,000 on account in transit on Dec.
31, 2021 and shipped FOB shipping point on Dec.
31, 2021
ܫ ܘ ܩ ܘ
Prepaid expenses
Accounts payable, net of accounts with debit balances
of P150,000
Note payable, with annual installment of P500,000
payable every May 31
Accrued expenses
P3,950,000
P4,100,000
P4,300,000
d. P5,800,000
The total current liabilities of Jhon Company on Dec. 31, 2021 should
be.
}
1
P 550,000
}
10,000
750,000
1,100,000
2,000,000
90,000
3,000,000
2,000,000
300,000
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