Pildesure Company reported the following current assets at year-end:   Cash                                                                                                                    P   5,000,000 Accounts receivable                                                                                                2,000,000 Inventory, including goods received on consignment P200,000                                800,000 Bond investment at fair value through other comprehensive income                    1,000,000 Prepaid expenses, including a deposit of P50,000 on inventory to be delivered,                             in 18 months                                                                                                   150,000 Total current assets                                                                                             P   8,950,000   Cash in general checking account                              P 3,500,000 Cash fund to retire 5-year bonds payable                      1,000,000 Cash held to pay value added taxes                                 500,000 Total cash                                                                   P 5,000,000         What amount of current assets should be reported at year-end?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Problem   4   (Total current  assets)

 

Pildesure Company reported the following current assets at year-end:

 

Cash                                                                                                                    P   5,000,000

Accounts receivable                                                                                                2,000,000

Inventory, including goods received on consignment P200,000                                800,000

Bond investment at fair value through other comprehensive income                    1,000,000

Prepaid expenses, including a deposit of P50,000 on inventory to be delivered,                             in 18 months                                                                                                   150,000

Total current assets                                                                                             P   8,950,000

 

Cash in general checking account                              P 3,500,000

Cash fund to retire 5-year bonds payable                      1,000,000

Cash held to pay value added taxes                                 500,000

Total cash                                                                   P 5,000,000      

 

What amount of current assets should be reported at year-end?

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