Presented are the accounts balances and related information on December 31, 2017 for the OPQ Company....

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Presented are the accounts balances and related information on December 31, 2017 for the OPQ Company. Cash on hand and in bank P2,480,000 Accounts receivable 800,000 Allowance for uncollectible accounts (150,000) Inventories 1,200,000 Prepaid insurance 250,000 Total current assets P4,580,000 Related information is as follows: The cash balance consists of the following: Cash in bank, net of bank overdraft of P20,000 maintained in a separate bank account and includes a P30,000 check received from a customer that is dated January 8,2018... Cash set aside by the board of directors for the purchase of a plant site........ .P 400,000 1,500,000 Petty cash (unreplenished expenses are P15,000) 40,000 Cash in bank, for payroll 540,000 The merchandise inventory includes goods held on consignment amounting to P40,000 and goods of P80,000 received on December 31, 2017. Neither of these items has been recorded as a purchase. The prepaid insurance includes cash surrender value of insurance to the amount of P50,000. REQUIRED: Determine the total current assets at December 31, 2017 Presented are the accounts balances and related information on December 31, 2017 for the OPQ Company. Cash on hand and in bank P2,480,000 Accounts receivable 800,000 Allowance for uncollectible accounts (150,000) Inventories 1,200,000 Prepaid insurance 250,000 Total current assets P4,580,000 Related information is as follows: The cash balance consists of the following: Cash in bank, net of bank overdraft of P20,000 maintained in a separate bank account and includes a P30,000 check received from a customer that is dated January 8,2018... Cash set aside by the board of directors for the purchase of a plant site........ .P 400,000 1,500,000 Petty cash (unreplenished expenses are P15,000) 40,000 Cash in bank, for payroll 540,000 The merchandise inventory includes goods held on consignment amounting to P40,000 and goods of P80,000 received on December 31, 2017. Neither of these items has been recorded as a purchase. The prepaid insurance includes cash surrender value of insurance to the amount of P50,000. REQUIRED: Determine the total current assets at December 31, 2017

Answer rating: 100% (QA)

To determine the total current assets at December 31 2017 we need to adjust the ... View the full answer