The Corporation provided the following account balances on December 31, 2022:P 600,0003,500,000200,0002,000,000300,0001,800,000200,000480,000CashAccounts receivableAllowance for bad debtsNotes receivableAdvances to officersMerchandise inventoriesOffice supplies expensePrepaid taxesBuildingAccumulated depreciation-buildingOffice equipment3,000,0001,200,000300,000180,000450,000150,00050,000800,000Accumulated depreciation-office equipmentAccounts payableSalaries payableInterest payableNotes payable, due January 31, 2024Mortgage payableShare capitalShare premiumRetained earningsHint: Prepare the statement of financial position and save it to answer the questions related to this problem.2,000,0006,000,000800,000150,000What is the total current assets? Give your answer in this format X,XXX,XXX (disregard the peso sign)

Financial statement means the statement which include the income statement and the balance sheet.…

The Corporation provided the following account balances on December 31, 2022: P 600,000 3,500,000 200,000 2,000,000 300,000 1,800,000 Cash Accounts receivable Allowance for bad debts Notes receivable Advances to officers Merchandise inventories Office supplies expense Prepaid taxes Building Accumulated depreciation-building Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Interest payable Notes payable, due January 31, 2024 Mortgage payable 200,000 480,000 3,000,000 1,200,000 300,000 180,000 450,000 150,000 50,000 800,000 2,000,000 6,000,000 800,000 150,000 Share capital Share premium Retained earnings Hint: Prepare the statement of financial position and save it to answer the questions related to this problem. What is the total current assets? Give your answer in this format X,XXX,XXX (disregard the peso sign)

The Corporation provided the following account balances on December 31, 2022: P 600,000 3,500,000 200,000 2,000,000 300,000 1,800,000 Cash Accounts receivable Allowance for bad debts Notes receivable Advances to officers Merchandise inventories Office supplies expense Prepaid taxes Building Accumulated depreciation-building Office equipment Accumulated depreciation-office equipment Accounts payable Salaries payable Interest payable Notes payable, due January 31, 2024 Mortgage payable 200,000 480,000 3,000,000 1,200,000 300,000 180,000 450,000 150,000 50,000 800,000 2,000,000 6,000,000 800,000 150,000 Share capital Share premium Retained earnings Hint: Prepare the statement of financial position and save it to answer the questions related to this problem. What is the total current assets? Give your answer in this format X,XXX,XXX (disregard the peso sign)

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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On May 15, 2022, Powell Incorporated obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $478,700. The interest rate charged by the bank was 6.75%. The bank made the loan on a discount basis. Exercise 7-7 (Algo) Part a - Journal entry a-3. Record the journal entry to show the effect of signing the note and the receipt of the cash proceeds on May 15, 2022. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
3. From the following information relating to Bank Şobar, prepare Income Statement for the year ended 31st March 2020. Show the calculations separately. (PREPARED SHEDULES) Particulars Interest on overdraft Establishment Interest on bill discounted R.O 550,000 70,000 300,000 Rent Salaries 25,000 15,000 Interest on savings Printing and stationery Interest on fixed deposits Commission Interest on loan Interest on Borrowing Interest on cash credit Administration's fees Postage and telegram Maintenance expenses General Reserve 80,000 5,900 55,000 90,000 45,000 42,000 275,000 7,000 2,500 8,400 50,000 30.000 Loan Additional information: 1. Provide OMR 50,000 for doubtful debts 2. Provide OMR 120,000 for taxation 3. Rebate on bills discounted on 31-03-20 OMR 60,000 4. Dividend proposed to pay OMR 30,000 5. Last year Profit OMR 100,000
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The annual report for Fabeck Finishing Corporation contained the following information: (in millions) Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net 2021 $673 32 $641 Assume that accounts receivable write-offs amounted to $13 during 2021 and $3 during 2020, and that Fabeck Finishing did not record any recoveries. Bad Debt Expense 2020 $735 31 $704 Required: Determine the Bad Debt Expense for 2021 based on the above facts. (Enter your answer in millions.) million