Persevere Company provided the following balances on December 31, 2021: Cash and cash equivalents P1,000,000 Trade...

 

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Persevere Company provided the following balances on December 31, 2021: Cash and cash equivalents P1,000,000 Trade and Other Receivables 950,000 Inventory 500,000 Financial assets at fair value through P&L 500,000 Financial assets at fair value through OC! 800,000 Property, Plant and Equipment |1,500,000 Further analysis of Persevere Company's accounts revealed the following: 1. Trade and other receivables included the following: Advances to an executive officer for P250,000 which is due on March 1, 2023. Customer credit balance of P60,000 which was deducted in relation to goods returned in 2021. Equity over the assigned accounts of P120,000; the assigned accounts amounted to P200,000 while the related note balance was P80,000. 2. Property, Plant and Equipment includes a plot of land in which Persevere Company has committed to a plan to sell it and currently active in locating a buyer to complete the plan. The carrying value of the land included in the account was P675,000 while its fair value less cost to sell is P600,000. Requirement: What is the amount reported as current assets on December 31, 2021? What is the amount recorded as non-current assets on December 31, 2021? Persevere Company provided the following balances on December 31, 2021: Cash and cash equivalents P1,000,000 Trade and Other Receivables 950,000 Inventory 500,000 Financial assets at fair value through P&L 500,000 Financial assets at fair value through OC! 800,000 Property, Plant and Equipment |1,500,000 Further analysis of Persevere Company's accounts revealed the following: 1. Trade and other receivables included the following: Advances to an executive officer for P250,000 which is due on March 1, 2023. Customer credit balance of P60,000 which was deducted in relation to goods returned in 2021. Equity over the assigned accounts of P120,000; the assigned accounts amounted to P200,000 while the related note balance was P80,000. 2. Property, Plant and Equipment includes a plot of land in which Persevere Company has committed to a plan to sell it and currently active in locating a buyer to complete the plan. The carrying value of the land included in the account was P675,000 while its fair value less cost to sell is P600,000. Requirement: What is the amount reported as current assets on December 31, 2021? What is the amount recorded as non-current assets on December 31, 2021?

Answer rating: 100% (QA)

To determine the amount reported as current assets and noncurrent assets on December 31 2021 we need ... View the full answer