Virgilio Company give the following balance at year end; Cash 1,100,000 Accounts Receivable 1,800,000 Inventory 3,000,000 Financial assets at fair value through profit/loss 500,000 Bond investment at amortized cost 1,300,000 Investment in associate 1,500,000 Equipment and Furniture 2,000,000 Accumulated depreciation 1,500,000 Patent 400,000 Deferred Charges 100,000 Equipment classified as held for sale 2,000,000 What amount should be reported as current assets at year end? 6,300,000 8,300,000 8,200,000 9,800,000

Virgilio Company give the following balance at year end; Cash 1,100,000 Accounts Receivable 1,800,000 Inventory 3,000,000 Financial assets at fair value through profit/loss 500,000 Bond investment at amortized cost 1,300,000 Investment in associate 1,500,000 Equipment and Furniture 2,000,000 Accumulated depreciation 1,500,000 Patent 400,000 Deferred Charges 100,000 Equipment classified as held for sale 2,000,000 What amount should be reported as current assets at year end? 6,300,000 8,300,000 8,200,000 9,800,000

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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Question

STATEMENT OF FINANCIAL POSITION

Problem 1-2

Virgilio Company give the following balance at year end;

Cash 1,100,000

Accounts Receivable 1,800,000

Inventory 3,000,000

Financial assets at fair value through profit/loss 500,000

Bond investment at amortized cost 1,300,000

Investment in associate 1,500,000

Equipment and Furniture 2,000,000

Accumulated depreciation 1,500,000

Patent 400,000

Deferred Charges 100,000

Equipment classified as held for sale 2,000,000

What amount should be reported as current assets at year end?

6,300,000
8,300,000
8,200,000
9,800,000

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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