A Company provided the following account balances on December 31, 2021: Financial assets at FVTOCI 300,000 Cash in bank (net of bank overdraft of P100,000) 500,000 Petty cash fund 40,000 Inventory (including inventory out on consignment amounting P50,000) 200,000 Financial assets at amortized cost/held to maturity 600,000 Accounts receivable 2,100,000 Undeposited collections (including P10,000 customer’s check return, DAIF) 100,000 Allowance for uncollectible accounts 200,000 Trade installment accounts receivable, including P60,000 due after a year 145,000 Cash surrender value of life insurance 50,000 Prepaid expenses 200,000 Equipment and furniture 1,300,000 Accumulated depreciation 700,000 Patent 300,000 Accumulated amortization 20,000 [Q2]: Determine total amount of (5) current assets and (6) non-current assets on December 31, 2021.
A Company provided the following account balances on December 31, 2021:
Financial assets at FVTOCI 300,000
Cash in bank (net of bank overdraft of P100,000) 500,000
Petty cash fund 40,000
Inventory (including inventory out on consignment amounting P50,000)
200,000
Financial assets at amortized cost/held to maturity
600,000
Accounts receivable 2,100,000
Undeposited collections (including P10,000 customer’s check return, DAIF)
100,000
Allowance for uncollectible accounts
200,000
Trade installment accounts receivable, including P60,000 due after a year
145,000
Cash surrender value of life insurance 50,000
Prepaid expenses 200,000
Equipment and furniture
1,300,000
700,000
Patent 300,000
Accumulated amortization 20,000
[Q2]: Determine total amount of (5) current assets and (6) non-current assets on December 31,
2021.
Step by step
Solved in 3 steps
