CASE 1: PM Company PM Company provided the following adjusted account balances on December 31, 2X14: Wages payable P250,000 Cash 200,000 Mortgage payable 1,500,000 Dividends payable 150,000 Prepaid rent 100,000 Inventory 800,000 Sinking fund 500,000 Short-term investments 300,000 Taxes payable 220,000 Accounts payable 240,000 Accounts receivable 350,000 Requirement: Compute for the total current assets on December 31, 2X14
CASE 1: PM Company PM Company provided the following adjusted account balances on December 31, 2X14: Wages payable P250,000 Cash 200,000 Mortgage payable 1,500,000 Dividends payable 150,000 Prepaid rent 100,000 Inventory 800,000 Sinking fund 500,000 Short-term investments 300,000 Taxes payable 220,000 Accounts payable 240,000 Accounts receivable 350,000 Requirement: Compute for the total current assets on December 31, 2X14
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
CASE 1: PM Company
PM Company provided the following adjusted account balances on December 31, 2X14:
Wages payable P250,000
Cash 200,000
Mortgage payable 1,500,000
Dividends payable 150,000
Prepaid rent 100,000
Inventory 800,000
Sinking fund 500,000
Short-term investments 300,000
Taxes payable 220,000
Accounts payable 240,000
Accounts receivable 350,000
Requirement: Compute for the total current assets on December 31, 2X14
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education