The general ledger of Ambiance Company includes the following accounts at June 30, 2018: Inventory Listed investments in shares of other companies, held for trading, at fair value P1,000,000 200,000 300,000 Cash Accounts receivable, net of allowance for uncollectible accounts of P24,000 Equipment, net of accumulated depreciation of P160,000 Patents, net of accumulated amortization of P18,000 Prepaid Rent Receivable from Officers, collectible on June 30, 2019 380,000 390,000 36,000 60,000 195,000 Receivable arising from sale of land, due on January 31, 2019 2,000,000 Required: Compute (a) (b) Total current assets Total non-current assets

The general ledger of Ambiance Company includes the following accounts at June 30, 2018: Inventory Listed investments in shares of other companies, held for trading, at fair value P1,000,000 200,000 300,000 Cash Accounts receivable, net of allowance for uncollectible accounts of P24,000 Equipment, net of accumulated depreciation of P160,000 Patents, net of accumulated amortization of P18,000 Prepaid Rent Receivable from Officers, collectible on June 30, 2019 380,000 390,000 36,000 60,000 195,000 Receivable arising from sale of land, due on January 31, 2019 2,000,000 Required: Compute (a) (b) Total current assets Total non-current assets

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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