Problem 2-13 (AICPA Adapted)Petite Company reported the following current assets onDecember 31, 2023:5,000,0002,000,000CashAccounts receivableInventory, including goods received on800,000consignment P200,0001,000,000Equity investment at FVPLon inventory to be delivered in 18 monthsPrepaid expenses, including a deposit of P50,000 made150,000Total current assetsCash in general checking account-restricted8,950,0003,500,000Cash fund to be used to retire 5-year bonds payable1,000,000Cash held to pay value added taxes500,0005,000,000Total cashWhat total amount of current assets should be reported onDecember 31, 2023?a. 6,750,0005,000+2,02,00076200

Cash (3,500,000 + 500,000)= 4,000,000Accounts Receivable=…

Answered: Problem 2-13 (AICPA Adapted) Petite…

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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Carmela Company, as of December 31, 2021 provided the following balances: Cash, net of a P7,000 overdraft 80,000 Receivable, net of customer credit balances totaling P6,000 30,000 Inventory (P20,000 of which are held on consignment) 60,000 Prepayments 10,000 Property, plant and equipment, net of accumulated depreciation of P15,000 90,000 Accounts payable net of debit balances in suppliers’ accounts of P3,000 45,000 Notes payable – bank, due on July 2022 25,000 Income tax payable 15,000 Total current assets reported in the December 31, 2021 balance sheet is
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