Problem Solving. Compute for the amounts being asked for each item. Support your answers with corresponding solution. Thank you. 1) What is the total amount of the company's CASH AND CASH EQUIVALENTS? Solution to no. 1: 2) What is the total amount of the company's TRADE AND OTHER RECEIVABLES? Solution to no. 2: 3) What is the total amount of the company's PREPAID ASSETS? Solution to no. 3:
Problem Solving. Compute for the amounts being asked for each item. Support your answers with corresponding solution. Thank you. 1) What is the total amount of the company's CASH AND CASH EQUIVALENTS? Solution to no. 1: 2) What is the total amount of the company's TRADE AND OTHER RECEIVABLES? Solution to no. 2: 3) What is the total amount of the company's PREPAID ASSETS? Solution to no. 3:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem Solving. Compute for the amounts being asked for each item. Support your answers with corresponding solution. Thank you.
1) What is the total amount of the company's CASH AND CASH EQUIVALENTS? Solution to no. 1:
2) What is the total amount of the company's TRADE AND OTHER RECEIVABLES? Solution to no. 2:
3) What is the total amount of the company's PREPAID ASSETS? Solution to no. 3:
Transcribed Image Text:Tonigrato Co.'s post-closing trial balance on December 31
20xx shows the following account balances:
Cash on hand
P10,000
Cash in bank
50,000
Accounts receivable
70,000
60,000
Notes receivable (nontrade) - P15,000 due within 1 yr.
Allowance for bad debts
(5,000)
Inventory
Prepaid supplies
Prepaid rent
Prepaid insurance
40,000
15,000
25,000
35,000
600,000
Land
Equipment
Accumulated depreciation - equipment
Building
Accumulated depreciation - building
300,000
(50,000)
800,000
(220,000)
Accounts payable
Notes payable (nontrade) - P20,000 due within 1 yr.
Utilities payable
Interest payable
Salaries payable
Unearned income
35,000
65,000
45,000
20,000
80,000
150,000
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