When preparing a draft of its 2020 statement of financial position, A Inc. reported net assets totaling P875,000. Included in the asset section of the statement of financial position were the following: Treasury shares of Mount, Inc. at cost, which approximates market valueP24,000Idle machinery11,200Cash surrender value of life insurance policy on corporate executives13,700Allowance for decline in market value of available-for-sale securities8,400 At what amount should A’s net assets be reported in the December 31, 2020 statement of financial position?

Given information, Net assets=P875,000 Treasury stock =P24,000 Idle machinery =P11,200 Cash…

Answered: When preparing a draft of its 2020…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

When preparing a draft of its 2020 statement of financial position, A Inc. reported net assets totaling P875,000. Included in the asset section of the statement of financial position were the following:

Treasury shares of Mount, Inc. at cost, which approximates market value	P24,000
Idle machinery	11,200
Cash surrender value of life insurance policy on corporate executives	13,700
Allowance for decline in market value of available-for-sale securities	8,400