Problem   I   (Current assets)   An entity provided the following trial balance on June 30, 2019:   Cash overdraft (  200,000) Property, plant and equipment, net 1,900,000 Accounts receivable, net    700,000 Accounts payable and accrued expenses 640,000 Inventory 1,200,000 Share capital 3,000,000 Prepaid expenses    200,000 Share premium 500,000 Land held for resale 2,000,000 Retained earnings 1,660,000   Checks amounting to P600,000 were written to vendors and recorded on June 30 resulting in cash overdraft of P200,000. The checks were mailed on July 9. Land held for resale was sold for cash on July 15. The financial statements were issued on July 31. On June 30, 2019, what total amount should be reported as current assets?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Problem   I   (Current assets)

 

An entity provided the following trial balance on June 30, 2019:

 

Cash overdraft

(  200,000)

Property, plant and equipment, net

1,900,000

Accounts receivable, net

   700,000

Accounts payable and accrued expenses

640,000

Inventory

1,200,000

Share capital

3,000,000

Prepaid expenses

   200,000

Share premium

500,000

Land held for resale

2,000,000

Retained earnings

1,660,000

 

Checks amounting to P600,000 were written to vendors and recorded on June 30 resulting in cash overdraft of P200,000. The checks were mailed on July 9. Land held for resale was sold for cash on July 15. The financial statements were issued on July 31.

On June 30, 2019, what total amount should be reported as current assets?

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