TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C. P1,650,000 and P2,600,000 D. P1,400,000 and P2,600,000
TS TaeKook Co. provided the following data on December 31, 2020: Cash- P1,800,000 Accounts receivable- P3,000,000 Inventory- P1,900,000 Accounts payable, net of debit balance of P50,000- P2,450,000 The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000. The accounts receivable included the following: Customer's debit balances- P1,600,000 Advances to a subsidiary- P400,000 Advances to suppliers- P200,000 Receivable from officers (due currently)- P300,000 Allowance for doubtful accounts (credit)- P 100,000 Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00 How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020? A. P1,650,000 and P2,400,000 B. P1,400,000 and P2,200,000 C. P1,650,000 and P2,600,000 D. P1,400,000 and P2,600,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TS TaeKook Co. provided the following data on December 31, 2020:
- Cash- P1,800,000
Accounts receivable - P3,000,000- Inventory- P1,900,000
- Accounts payable, net of debit balance of P50,000- P2,450,000
The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000.
The accounts receivable included the following:
- Customer's debit balances- P1,600,000
- Advances to a subsidiary- P400,000
- Advances to suppliers- P200,000
- Receivable from officers (due currently)- P300,000
- Allowance for doubtful accounts (credit)- P 100,000
- Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00
How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020?
A. P1,650,000 and P2,400,000
B. P1,400,000 and P2,200,000
C. P1,650,000 and P2,600,000
D. P1,400,000 and P2,600,000
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