Kenya Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses P10,000 50,000 Notes receivable 4,000,000 Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 6,000,000 Inventory 3,000,000 Bond sinking fund 3,000,000 Total current assets P21,050,000 Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 P7,000,000 Notes payable 4,000,000 Bonds payable due June 30, 2020 3,000,000 Accrued expenses 2,000,000 Total current liabilities P16,000,000 What amount should be reported as total current assets on December 31, 2021?
Kenya Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses P10,000 50,000 Notes receivable 4,000,000 Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 6,000,000 Inventory 3,000,000 Bond sinking fund 3,000,000 Total current assets P21,050,000 Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 P7,000,000 Notes payable 4,000,000 Bonds payable due June 30, 2020 3,000,000 Accrued expenses 2,000,000 Total current liabilities P16,000,000 What amount should be reported as total current assets on December 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Kenya Company provided the following information on December 31, 2021:
|
Cash in bank, net of bank overdraft of P500,000 |
P 5,000,000 |
|
Petty cash, unreplenished petty cash expenses P10,000 |
50,000 |
|
Notes receivable |
4,000,000 |
|
|
6,000,000 |
|
Inventory |
3,000,000 |
|
Bond sinking fund |
3,000,000 |
|
Total current assets |
P21,050,000 |
|
|
|
|
Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 |
P7,000,000 |
|
Notes payable |
4,000,000 |
|
Bonds payable due June 30, 2020 |
3,000,000 |
|
Accrued expenses |
2,000,000 |
|
Total current liabilities |
P16,000,000 |
What amount should be reported as total current assets on December 31, 2021?
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