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Problem 2-15 (AICPA Adapted) Arabian Company reported the following at year-end: Cash Accounts receivable Notes receivable, net of discounted note P500,000 Inventory 4,500,000 7,500,000 2,000,000 4,000,000 18,000,000 An analysis disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of Arabian Company's unsold goods sent to Tar Company on consignment at 150% of cost and excluded from Arabian's ending inventory 5,000,000 ( 500,000) -3,000,000 7,500,000 What amount should be reported as total current assets at year-end?

Problem 2-15 (AICPA Adapted) Arabian Company reported the following at year-end: Cash Accounts receivable Notes receivable, net of discounted note P500,000 Inventory 4,500,000 7,500,000 2,000,000 4,000,000 18,000,000 An analysis disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of Arabian Company's unsold goods sent to Tar Company on consignment at 150% of cost and excluded from Arabian's ending inventory 5,000,000 ( 500,000) -3,000,000 7,500,000 What amount should be reported as total current assets at year-end?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 2-15 (AICPA Adapted) Arabian Company reported the following at year-end: Cash Accounts receivable Notes receivable, net of discounted note P500,000 Inventory 4,500,000 7,500,000 2,000,000 4,000,000 18,000,000 An analysis disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of Arabian Company's unsold goods sent to Tar Company on consignment at 150% of cost and excluded from Arabian's ending inventory 5,000,000 ( 500,000) -3,000,000 7,500,000 What amount should be reported as total current assets at year-end?
Transcribed Image Text:Problem 2-15 (AICPA Adapted) Arabian Company reported the following at year-end: Cash Accounts receivable Notes receivable, net of discounted note P500,000 Inventory 4,500,000 7,500,000 2,000,000 4,000,000 18,000,000 An analysis disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of Arabian Company's unsold goods sent to Tar Company on consignment at 150% of cost and excluded from Arabian's ending inventory 5,000,000 ( 500,000) -3,000,000 7,500,000 What amount should be reported as total current assets at year-end?
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