II. Current Assets and Current Liabilities The accounts below were taken from the unadjusted trial balance of Deco Company as of December 31, 20X1: Cash P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 250,000 15,000 Trading securities, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld Bonds payable Stock dividends payable Income tax payable 28,000 An analysis of the above accounts disclosed the following: 1. Bank overdraft of P13,000 was deducted from cash balance. 2. Trade accounts receivable was net of customers' deposit of P7,000. 3. Merchandise worth P15,000 received December 30, 20X1 was included in the inventory but was not recorded as a purchase. 4. Accounts payable was net of accounts with debit balance of P12,000. 5. A bank loan of P30,000 due December 31, 20X3 was included in the notes payable balance. 6. Bonds payable which was issued in 20X1 will mature in five annual instalments beginning June 1, 20x2. 7. Trading securities have a fair market value of P90,000.
II. Current Assets and Current Liabilities The accounts below were taken from the unadjusted trial balance of Deco Company as of December 31, 20X1: Cash P124,000 87,000 92,000 122,000 6,000 136,000 150,000 75,000 4,000 250,000 15,000 Trading securities, at cost Notes receivable Trade accounts receivable Allowance for doubtful accounts Merchandise inventory Notes payable Trade accounts payable Employees' income tax withheld Bonds payable Stock dividends payable Income tax payable 28,000 An analysis of the above accounts disclosed the following: 1. Bank overdraft of P13,000 was deducted from cash balance. 2. Trade accounts receivable was net of customers' deposit of P7,000. 3. Merchandise worth P15,000 received December 30, 20X1 was included in the inventory but was not recorded as a purchase. 4. Accounts payable was net of accounts with debit balance of P12,000. 5. A bank loan of P30,000 due December 31, 20X3 was included in the notes payable balance. 6. Bonds payable which was issued in 20X1 will mature in five annual instalments beginning June 1, 20x2. 7. Trading securities have a fair market value of P90,000.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing
Section: Chapter Questions
Problem 14E
Related questions
Question
Based on the foregoing facts, how much total current assets should be
reported on the statement of financial position as of December 31, 20X1?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning