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Mighty Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft P500,000 P 5,000.000 Petty cash, unreplenished petty cash expenses 50,000 P10,000 Notes receivable 4,000,000 Accounts rereivable, net of customers' accounts with credit balances P1.500,000 6,000,000 Inventory 3.000,000 Prepaid expenses 3,000,000 Total current assets 21,050,000 Accounts payable 8,000,000 Notes payable 4,000,000 Bonds payable, due June 30, 2022 3,000,000 Accrued expenses 2,000,000 Total current liabilities 17,000,000 What amount should be reported as total current assets on December 31, 20217

Mighty Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft P500,000 P 5,000.000 Petty cash, unreplenished petty cash expenses 50,000 P10,000 Notes receivable 4,000,000 Accounts rereivable, net of customers' accounts with credit balances P1.500,000 6,000,000 Inventory 3.000,000 Prepaid expenses 3,000,000 Total current assets 21,050,000 Accounts payable 8,000,000 Notes payable 4,000,000 Bonds payable, due June 30, 2022 3,000,000 Accrued expenses 2,000,000 Total current liabilities 17,000,000 What amount should be reported as total current assets on December 31, 20217

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mighty Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses 50,000 P10,000 Notes receivable 4,000,000 Accounts repeivable, net of customers' accounts with credit balances P1.500,000 6,000,000 Inventory 3,000,000 Prepaid expenses 3,000,000 Total current assets 21,050,000 Accounts payable 8,000,000 Notes payable 4,000,000 Bonds payable, due June 30, 2022 3,000,000 Accrued expenses 2,000,000 Total current liabilities 17,000,000 What amount should be reported as total current assets on December 31, 2021?
Transcribed Image Text:Mighty Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses 50,000 P10,000 Notes receivable 4,000,000 Accounts repeivable, net of customers' accounts with credit balances P1.500,000 6,000,000 Inventory 3,000,000 Prepaid expenses 3,000,000 Total current assets 21,050,000 Accounts payable 8,000,000 Notes payable 4,000,000 Bonds payable, due June 30, 2022 3,000,000 Accrued expenses 2,000,000 Total current liabilities 17,000,000 What amount should be reported as total current assets on December 31, 2021?
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