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
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Chapter7: Operating Assets
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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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