A Company provided the following account balances on December 31, 2021: Accounts receivable P1,300,000 Allowance for bad debts 500,000 Financial assets at fair value through profit or loss 400,000 Financial assets at amortized cost/held to maturity 1,100,000 Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000 Petty cash 10,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 1,100,000 Patent 300,000 Prepaid expenses 200,000 **Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
A Company provided the following account balances on December 31, 2021: Accounts receivable P1,300,000 Allowance for bad debts 500,000 Financial assets at fair value through profit or loss 400,000 Financial assets at amortized cost/held to maturity 1,100,000 Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000 Petty cash 10,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 1,100,000 Patent 300,000 Prepaid expenses 200,000 **Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
A Company provided the following account balances on December 31, 2021:
Accounts receivable P1,300,000
Accounts receivable P1,300,000
Allowance for
Financial assets at fair value through profit or loss
400,000
Financial assets at amortized cost/held to maturity
1,100,000
Cash in bank, net of bank overdraft of P200,000 maintained in the same bank 900,000
Petty cash 10,000
Inventory (including inventory out on consignment amounting P50,000)
200,000
Equipment and furniture
1,300,000
Patent 300,000
Prepaid expenses 200,000
**Determine total amount of (5) current assets and (6) non-current assets on
December 31, 2021.
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