Problem 2-13 (AICPA Adapted) Petite Company reported the following current assets on December 31, 2023: 5,000,000 2,000,000 Cash Accounts receivable Inventory, including goods received on 800,000 consignment P200,000 1,000,000 Equity investment at FVPL on inventory to be delivered in 18 months Prepaid expenses, including a deposit of P50,000 made 150,000 Total current assets Cash in general checking account -restricted 8,950,000 3,500,000 Cash fund to be used to retire 5-year bonds payable 1,000,000 Cash held to pay value added taxes 500,000 5,000,000 Total cash What total amount of current assets should be reported on December 31, 2023? a. 6,750,000 5,000+2,0 2,00076 200
Problem 2-13 (AICPA Adapted) Petite Company reported the following current assets on December 31, 2023: 5,000,000 2,000,000 Cash Accounts receivable Inventory, including goods received on 800,000 consignment P200,000 1,000,000 Equity investment at FVPL on inventory to be delivered in 18 months Prepaid expenses, including a deposit of P50,000 made 150,000 Total current assets Cash in general checking account -restricted 8,950,000 3,500,000 Cash fund to be used to retire 5-year bonds payable 1,000,000 Cash held to pay value added taxes 500,000 5,000,000 Total cash What total amount of current assets should be reported on December 31, 2023? a. 6,750,000 5,000+2,0 2,00076 200
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 24CE
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