llowing on ber 31, 4,000,000 8,000,000 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 Cash in bank Accounts receivable Allowance for doubtful accounts Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. 2,000,000 What amount should be reported as total current assets on December 31, 2021?
llowing on ber 31, 4,000,000 8,000,000 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 Cash in bank Accounts receivable Allowance for doubtful accounts Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. 2,000,000 What amount should be reported as total current assets on December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![An entity provided the following information on Decemnber 31, 2021:
4,000,000
8,000,000
Cash in bank
Accounts receivable
Allowance for doubtful accounts
500,000
2,500,000
500,000
4,500,000
1,000,000
2,500,000
2,000,000
Notes receivable
Note receivable discounted
Inventory
Prepaid expenses
Deferred tax asset
Equipment classified as "held for sale"
The accounts receivable included sale price of P3,.000,000 of unsold goods out on consignment at
125% of cost and excluded from ending inventory.
What amount should be reported as total current assets on December 31, 2021?
a. 20,400,000
)b. 20,250,000
O c. 20,900,000
O d. 21,500,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F564e906d-d249-4bd8-bbcd-5200d53bf8b3%2F22931aff-2038-4dd8-aec7-5c0278fae85f%2Fiednj5k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:An entity provided the following information on Decemnber 31, 2021:
4,000,000
8,000,000
Cash in bank
Accounts receivable
Allowance for doubtful accounts
500,000
2,500,000
500,000
4,500,000
1,000,000
2,500,000
2,000,000
Notes receivable
Note receivable discounted
Inventory
Prepaid expenses
Deferred tax asset
Equipment classified as "held for sale"
The accounts receivable included sale price of P3,.000,000 of unsold goods out on consignment at
125% of cost and excluded from ending inventory.
What amount should be reported as total current assets on December 31, 2021?
a. 20,400,000
)b. 20,250,000
O c. 20,900,000
O d. 21,500,000
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