The following is in RAWR Company's December 31, 2019 Trial Balance: Cash overdraft 100,000 Accounts receivable: 350,000 Inventory: 580,000 Prepaid Expense: 120000 Land: 1,000,000 Equipment, net: 950,000 Accounts payable and accrued expenses: 320,000 Ordinary share capital: 250,000 Share premium: 1500,000 Retained Earnings: 830,000 Checks amounting to 300,000 were written to vendors and recorded on 12/29/19 that results to bank overdraft of 100,000. The check was mailed on January 15, 2020. The land was sold on January 31, 2020, for 1100,000. The issuance of financial statements happens on March 31, 2020. Assume that all fixed assets and the prepaid expenses were bought on January 1, 2019, while the inventory was evenly bought during the year 2019. Assume further that all the appeared amounts in the statement were already adjusted to the appropriate balance as shown in the trial balance using nominal peso accounting. 

Required

How much is the adjusted nonmonetary asset using constant peso accounting?

Answer rating: 100% (QA)

Solution Here first of all we must know what are non monetary assets Non monetary assets ar... View the full answer