The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables.
The following information pertains to Q Company: Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000 Notes receivable, P30,000 due in 12 months, P210,000 Advances to officers, due in 2 years, P20,000 Advances to suppliers, P10,000 Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000 Security deposit paid on a one-year lease contract, P6,000 Dividends receivable, P30,000 Determine the total current receivables.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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18. The following information pertains to Q Company:
Trade
Notes receivable, P30,000 due in 12 months, P210,000
Advances to officers, due in 2 years, P20,000
Advances to suppliers, P10,000
Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000
Security deposit paid on a one-year lease contract, P6,000
Dividends receivable, P30,000
Determine the total current receivables.
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