for the purpose of stating the working capital of MANILA Corporation on December 31, 1986, the following data are submitted: Cash in Bank, net of bank overdraft of P5,000 56,000 Petty cash (unreplenished petty cash expenses, 400) 1000 Notes receivable, including discounted note of 25,000 75,000 Accounts receivable, net of accounts with credit balances of P10,000 110,000 Merchandise Inventory, including goods held on consignment of 18,000 148,000 Prepaid expenses 9,000 Total current assets 399,000 Accounts payable, net of accounts with debit balances of 5,000 60,000 Notes payable in annual installment at P100,000 payable every May 31 200,000 Accrued expenses, 8,000 Total current liabilities 268,000 The total current assets on December 31, 2017 should be:
for the purpose of stating the working capital of MANILA Corporation on December 31, 1986, the following data are submitted: Cash in Bank, net of bank overdraft of P5,000 56,000 Petty cash (unreplenished petty cash expenses, 400) 1000 Notes receivable, including discounted note of 25,000 75,000 Accounts receivable, net of accounts with credit balances of P10,000 110,000 Merchandise Inventory, including goods held on consignment of 18,000 148,000 Prepaid expenses 9,000 Total current assets 399,000 Accounts payable, net of accounts with debit balances of 5,000 60,000 Notes payable in annual installment at P100,000 payable every May 31 200,000 Accrued expenses, 8,000 Total current liabilities 268,000 The total current assets on December 31, 2017 should be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
for the purpose of stating the
- Cash in Bank, net of bank overdraft of P5,000 56,000
- Petty cash (unreplenished petty cash expenses, 400) 1000
- Notes receivable, including discounted note of 25,000 75,000
Accounts receivable , net of accounts with credit balances of P10,000 110,000- Merchandise Inventory, including goods held on consignment of 18,000 148,000
- Prepaid expenses 9,000
Total current assets 399,000
- Accounts payable, net of accounts with debit balances of 5,000 60,000
- Notes payable in annual installment at P100,000 payable every May 31 200,000
- Accrued expenses, 8,000
Total current liabilities 268,000
The total current assets on December 31, 2017 should be:
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education