The current asset section of the statement of financial position prepared by the accountant of Dagupan Company
Question:
The current asset section of the statement of financial position prepared by the accountant of Dagupan Company an of December 31, 2020 follows:
Cash 33,200
Accounts Receivable 208,700
Trading Securities 35,500
Inventory 124,000
Long-term prepayments 5,600
Total 407,000
An examination of the accounts showed the following data:
Cash on hand, including a customer’s NSF check in the amount of P1, 200 | 4, 700 |
Cash in bank (a bank reconciliation prepared shows bank charges in December 2020 not yet taken up by the company in the amount of P900) | 28, 500 |
Cash Account | P 33, 200 |
Customers’ debit balances | 203, 400 |
Allowance for bad debts | ((9,700) |
Selling price of goods that have been invoiced to a customer at 150% of cost on December 27, 2020 but delivered on January 10, 2021 | 15, 000 |
Accounts receivable | 208, 700 |
Calculate the amount of current assets at December 31, 2020
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson