The accounts below were taken from the unadjusted trial balance of Deco Company as of December 31, 20X1: Cash Trading securities, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld Bonds payable Stock dividends payable P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 250,000 15,000 Income tax payable 28,000 An analysis of the above accounts disclosed the following: 1. Bank overdraft of P13,000 was deducted from cash balance. 2. Trade accounts receivable was net of customers' deposit of P7,000. 3. Merchandise worth P15,000 received December 30, 20X1 was included in the inventory but was not recorded as a purchase. 4. Accounts payable was net of accounts with debit balance of P12,000. 5. A bank loan of P30,000 due December 31, 20X3 was included in the notes payable balance. 6. Bonds payable which was issued in 20X1 will mature in five annual instalments beginning June 1, 20x2. 7. Trading securities have a fair market value of P90,000. Required: 1. Based on the foregoing facts, how much total current assets should be renorted on the statement of financial position Decemher 31 20Y12

The accounts below were taken from the unadjusted trial balance of Deco Company as of December 31, 20X1: Cash Trading securities, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld Bonds payable Stock dividends payable P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 250,000 15,000 Income tax payable 28,000 An analysis of the above accounts disclosed the following: 1. Bank overdraft of P13,000 was deducted from cash balance. 2. Trade accounts receivable was net of customers' deposit of P7,000. 3. Merchandise worth P15,000 received December 30, 20X1 was included in the inventory but was not recorded as a purchase. 4. Accounts payable was net of accounts with debit balance of P12,000. 5. A bank loan of P30,000 due December 31, 20X3 was included in the notes payable balance. 6. Bonds payable which was issued in 20X1 will mature in five annual instalments beginning June 1, 20x2. 7. Trading securities have a fair market value of P90,000. Required: 1. Based on the foregoing facts, how much total current assets should be renorted on the statement of financial position Decemher 31 20Y12

Name: Show the solution in good accounting form The accounts below were take
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Show the solution in good accounting form The accounts below were taken from the unadjusted trial balance of Deco Company as ofDecember 31, 20X1:CashTrading securities, at costNotes receivableTrade accounts receivableAllowance for doubtful accountsMe

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

a critical evaluation of the accounting function in informing social needs and expectations
Define lean accounting.
The relevance of providing information in financial statements is subject to the constraint of a.Faithful representation b.Cost-benefit c.Comparability d.Reliability
It is a process needed in financial planning that examines the objectives using the individual's resources and limitation. data gathering data implementation data analysis objective setting
Do you believe that contingency theory has made adequate contribution to management accounting? Why? Explain in detail.
Classify the following as to whether they are normally related or not to accounting and finance functions: 1. Investment management 2. Preparation of accounting systems and procedures manual 3. Marketing 4. Cost reduction studies
1. What STRATEGIC MANAGEMENT? 2. What STRATEGIC MANAGEMENT accounting?
Describe the business functions in the value chain?
Explain how “balanced scorecard” is used in management accounting systems.