The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 2021 respectively. A section of the comparative statement of financial position is as follows: 12/31/2020 Cash P 1,120,000 12/31/2021 P 745,488 110,000 Accounts Receivable 95,000 Inventory 135,000 ? 750,000 550,000 Property, plant and equipment Total Assets P 2,100,000 Accounts Payable 108,000 ? Unearned Revenue 292,000 ? 600,000 ? Bonds payable (maturing 10/31/2021) Total Liabilities P 1,000,000 ? Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company manages its accounts payable to be 80% of current inventory stocks on hand (Hint: Current ratio = Current Assets/Current Liabilities) 4) How much is the reported total liabilities in the company's 2021 statement of financial position?

The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 2021 respectively. A section of the comparative statement of financial position is as follows: 12/31/2020 Cash P 1,120,000 12/31/2021 P 745,488 110,000 Accounts Receivable 95,000 Inventory 135,000 ? 750,000 550,000 Property, plant and equipment Total Assets P 2,100,000 Accounts Payable 108,000 ? Unearned Revenue 292,000 ? 600,000 ? Bonds payable (maturing 10/31/2021) Total Liabilities P 1,000,000 ? Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company manages its accounts payable to be 80% of current inventory stocks on hand (Hint: Current ratio = Current Assets/Current Liabilities) 4) How much is the reported total liabilities in the company's 2021 statement of financial position?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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