Problem - Wrnite your answers in whole numbers with no comma or separator. The following accounts were included in the unadjusted trial balance of TAU Company as of December 31, 2020: Cash P 481,600 Accounts receivable 1,127,000 Merchandise inventory 3,025.000 Accounts payable 2,100,500 Other current liabilities 215,500 During your audit, you noted that TAU held its cash books open after year-end so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The following information is given: 1. January cash receipts recorded in December cash book totaled P327,300, of which P180,050 represents cash sales and P147,250 represents collections on account for which cash discounts of P7,750 were given. 2. January cash disbursements recorded in the December check register liquidated accounts payable of P186,200 on which discounts of P6,200 were taken. 3. The amount shown as inventory was determined by physical count on December 31, 2020. QUESTIONS: Based on the above and the result of your audit, answer the following: 1. The adjusted cash balance as of December 31, 2020 is 2. The adjusted working capital as of December 31, 2020 is 3. The adjusted total asset as of December 31, 2020 is 4. The adjusted total liabilities as of December 31, 2020 is 5. The adjusted current ratio as of December 31, 2020 is (Please write your answer in two decimal points without the % sign)
Problem - Wrnite your answers in whole numbers with no comma or separator. The following accounts were included in the unadjusted trial balance of TAU Company as of December 31, 2020: Cash P 481,600 Accounts receivable 1,127,000 Merchandise inventory 3,025.000 Accounts payable 2,100,500 Other current liabilities 215,500 During your audit, you noted that TAU held its cash books open after year-end so that a more favorable balance sheet could be prepared for credit purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The following information is given: 1. January cash receipts recorded in December cash book totaled P327,300, of which P180,050 represents cash sales and P147,250 represents collections on account for which cash discounts of P7,750 were given. 2. January cash disbursements recorded in the December check register liquidated accounts payable of P186,200 on which discounts of P6,200 were taken. 3. The amount shown as inventory was determined by physical count on December 31, 2020. QUESTIONS: Based on the above and the result of your audit, answer the following: 1. The adjusted cash balance as of December 31, 2020 is 2. The adjusted working capital as of December 31, 2020 is 3. The adjusted total asset as of December 31, 2020 is 4. The adjusted total liabilities as of December 31, 2020 is 5. The adjusted current ratio as of December 31, 2020 is (Please write your answer in two decimal points without the % sign)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem - Write your answers in whole numbers with no comma or separator.
The following accounts were included in the unadjusted trial balance of TAU Company as of December 31, 2020:
Cash
P 481,600
Accounts receivable
1,127,000
Merchandise inventory
3,025,000
Accounts payable
2,100,500
Other current liabilities
215,500
During your audit, you noted that TAU held its cash books open after year-end so that a more favorable balance sheet could be prepared for credit
purposes. Cash receipts and disbursements for the first 10 days of January were recorded as December transactions. The following information is given:
1. January cash receipts recorded in December cash book totaled P327,300, of which P180,050 represents cash sales and P147,250 represents
collections on account for which cash discounts of P7,750 were given.
2. January cash disbursements recorded in the December check register liquidated accounts payable of P186,200 on which discounts of P6,200 were
taken.
3. The amount shown as inventory was determined by physical count on December 31, 2020.
QUESTIONS:
Based on the above and the result of your audit, answer the following:
1. The adjusted cash balance as of December 31, 2020 is
2. The adjusted working capital as of December 31, 2020 is
3. The adjusted total asset as of December 31, 2020 is
4. The adjusted total liabilities as of December 31, 2020 is
5. The adjusted current ratio as of December 31, 2020 is
(Please write your answer in two decimal points without the % sign)
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