The accounts and balances shown below were taken from ACCCOB2 Company’s trial balance on December 31, 2021. All adjusting entries have been made: Cash P 175,000 Prepaid rent 136,000 Inventory 820,000 Investment - FVPL 153,000 Accounts receivable 366,000 Sinking fund asset 525,000 Investment in associates 1,020,000 Property, plant & equipment, net 1,700,000 Patents, net 150,000 Wages payable 250,000 Dividends payable 140,000 Taxes payable 228,000 Accounts payable 248,000 Bonds Payable 648,000 How much should be reported in ACCCOB2’s December 31, 2021 statement of financial position as current and non-current assets, respectively? Group of answer choices P1,800,000 and P2,225,000 P1,650,000 and P3,395,000 P1,800,000 and P3,795,000 P1650,000 and P2,375,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The accounts and balances shown below were taken from ACCCOB2 Company’s trial balance on December 31, 2021. All adjusting entries have been made:

Cash

P 175,000

Prepaid rent

136,000

Inventory

820,000

Investment - FVPL

153,000

Accounts receivable

366,000

Sinking fund asset

525,000

Investment in associates

1,020,000

Property, plant & equipment, net

1,700,000

Patents, net

150,000

Wages payable

250,000

Dividends payable

140,000

Taxes payable

228,000

Accounts payable

248,000

Bonds Payable

648,000

How much should be reported in ACCCOB2’s December 31, 2021 statement of financial position as current and non-current assets, respectively?

Group of answer choices

P1,800,000 and P2,225,000

P1,650,000 and P3,395,000

P1,800,000 and P3,795,000

P1650,000 and P2,375,000

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