For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data are submitted: Cash on hand and in bank, net of bank overdraft of P50,000 Petty cash (unreplenished petty cash expenses, P4,000) Notes receivable Accounts receivable, net of accounts with credit balances of P100,000. Merchandise inventory, excluding unrecorded purchase of P200,000 on account in transit on Dec. 31, 2021 and shipped FOB shipping point on Dec. 31, 2021 Prepaid expenses Accounts payable, net of accounts with debit balances of P150,000 Note payable, with annual installment of P500,000 payable every May 31 Accrued expenses P 550,000 a. P3,950,000 b. P4,100,000 c. P4,300,000 d. P5,800,000 10,000 750,000 1,100,000 2,000,000 90,000 3,000,000 2,000,000 300,000 The total current liabilities of Jhon Company on Dec. 31, 2021 should be.

For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data are submitted: Cash on hand and in bank, net of bank overdraft of P50,000 Petty cash (unreplenished petty cash expenses, P4,000) Notes receivable Accounts receivable, net of accounts with credit balances of P100,000. Merchandise inventory, excluding unrecorded purchase of P200,000 on account in transit on Dec. 31, 2021 and shipped FOB shipping point on Dec. 31, 2021 Prepaid expenses Accounts payable, net of accounts with debit balances of P150,000 Note payable, with annual installment of P500,000 payable every May 31 Accrued expenses P 550,000 a. P3,950,000 b. P4,100,000 c. P4,300,000 d. P5,800,000 10,000 750,000 1,100,000 2,000,000 90,000 3,000,000 2,000,000 300,000 The total current liabilities of Jhon Company on Dec. 31, 2021 should be.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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