Kenya Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses P10,000 50,000 Notes receivable 4,000,000 Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 6,000,000 Inventory 3,000,000 Bond sinking fund 3,000,000 Total current assets P21,050,000 Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 P7,000,000 Notes payable 4,000,000 Bonds payable due June 30, 2020 3,000,000 Accrued expenses 2,000,000 Total current liabilities P16,000,000 What amount should be reported as total current assets on December 31, 2021?
Kenya Company provided the following information on December 31, 2021: Cash in bank, net of bank overdraft of P500,000 P 5,000,000 Petty cash, unreplenished petty cash expenses P10,000 50,000 Notes receivable 4,000,000 Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 6,000,000 Inventory 3,000,000 Bond sinking fund 3,000,000 Total current assets P21,050,000 Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 P7,000,000 Notes payable 4,000,000 Bonds payable due June 30, 2020 3,000,000 Accrued expenses 2,000,000 Total current liabilities P16,000,000 What amount should be reported as total current assets on December 31, 2021?
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 6EA: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes...
Related questions
Question
Kenya Company provided the following information on December 31, 2021:
|
Cash in bank, net of bank overdraft of P500,000 |
P 5,000,000 |
|
Petty cash, unreplenished petty cash expenses P10,000 |
50,000 |
|
Notes receivable |
4,000,000 |
|
Accounts receivable, net of customers’ accounts with credit balances of P1,500,000 |
6,000,000 |
|
Inventory |
3,000,000 |
|
Bond sinking fund |
3,000,000 |
|
Total current assets |
P21,050,000 |
|
|
|
|
Accounts payable, net of suppliers’ accounts with debit balances of P1,000,000 |
P7,000,000 |
|
Notes payable |
4,000,000 |
|
Bonds payable due June 30, 2020 |
3,000,000 |
|
Accrued expenses |
2,000,000 |
|
Total current liabilities |
P16,000,000 |
What amount should be reported as total current assets on December 31, 2021?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub