Mumay Company trial balance has the following selected accounts: Cash (includes P100,000 in bond sinking fund for long term bond payable) 500,000 Accounts receivable 200,000 Allowance of uncollectible accounts 50,000 Deposits received from customers Merchandise inventory 30,000 70,000 Unearned rent 10,000 Investment at fair value to profit or loss 20,000 What amount should Mumay Company report as total current assets in its statement of financial position? A. 640,000 B. 670,000 C. 720,000 D. 740,000
Mumay Company trial balance has the following selected accounts: Cash (includes P100,000 in bond sinking fund for long term bond payable) 500,000 Accounts receivable 200,000 Allowance of uncollectible accounts 50,000 Deposits received from customers Merchandise inventory 30,000 70,000 Unearned rent 10,000 Investment at fair value to profit or loss 20,000 What amount should Mumay Company report as total current assets in its statement of financial position? A. 640,000 B. 670,000 C. 720,000 D. 740,000
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 49E
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