Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with Credit balances of PI,500,000 Inventory Bond sinking fund 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Total current assets 21.050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2.000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000
Problem 1 Kabugao Company provided the following information on December 31, 2017: Cash in bank, net of bank overdraft of P500,000 Petty cash, unreplenished petty cash expenses P10,000 Note receivable Accounts receivable, net of customer's accounts with Credit balances of PI,500,000 Inventory Bond sinking fund 5,000,000 50,000 4,000,000 6,000,000 3,000,000 3.000,000 Total current assets 21.050,000 Accounts payable, net of supplier's accounts with debit balances of P1,000,000 Notes payable Bond payable due June 30, 2018 Accrued expenses 7,000,000 4,000,000 3,000,000 2.000,000 Total current liabilities 16,000,000 1. What amount should be reported as total current assets on December 31, 2017? a. 19,040,000 b. 20,040,000 c. 20,050,000 d. 24,040,000 2. What amount should be reported as total current liabilities on December 31, 2017? a. 19,000,000 b. 16,000,000 c. 15,500,000 d. 15,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer 1 and 2 completely.
Transcribed Image Text:Problem 1
Kabugao Company provided the following information on December 31, 2017:
Cash in bank, net of bank overdraft of P500,000
Petty cash, unreplenished petty cash expenses P10,000
Note receivable
Accounts receivable, net of customer's accounts with
5,000,000
50,000
4,000,000
6,000,000
3,000,000
3.000,000
Credit balances of P1,500,000
Inventory
Bond sinking fund
Total current assets
21,050,000
Accounts payable, net of supplier's accounts with debit balances of P1,000,000
Notes payable
Bond payable due June 30, 2018
Accrued expenses
7,000,000
4,000,000
3,000,000
2,000,000
Total current liabilities
16,000,000
1. What amount should be reported as total current assets on December 31, 2017?
a. 19,040,000
b. 20,040,000
c. 20,050,000
d. 24,040,000
2. What amount should be reported as total current liabilities on December 31, 2017?
a. 19,000,000
b. 16,000,000
c. 15,500,000
d. 15,000,000
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 3 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