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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

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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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
Transcribed Image Text: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
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