The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable in Jhet’s own shares. The total current liabilities as of December 31, 2021 is? a. ₱ 891,500 b. ₱ 731,500 c. ₱ 866,500 d. ₱ 766,500
The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable in Jhet’s own shares. The total current liabilities as of December 31, 2021 is? a. ₱ 891,500 b. ₱ 731,500 c. ₱ 866,500 d. ₱ 766,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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- The following accounts and their balances appear in an unadjusted
trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable in Jhet’s own shares. The total current liabilities as of December 31, 2021 is?
a. ₱ 891,500
b. ₱ 731,500
c. ₱ 866,500
d. ₱ 766,500
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