Question
58 The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300
58
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets:
Cash | P 96,578 |
Accounts receivable | 452,800 |
Inventories | 376,300 |
| P925,678 |
An examination of the accounts disclosed that the accounts receivable consisted of the following items:
Trade customers accounts | P357,742 |
Due from employees current | 43,658 |
Equity in P50,000 of uncollected accounts receivable assigned under guaranty | 16,000 |
Selling price of merchandise on consignment at 140% of cost and not sold by consignee | 50,400 |
Allowance for doubtful accounts | (15,000) |
| P452,800 |
What should be the adjusted amount of the current assets as at December 31, 1979?
Note for your final answer:
1. Do not use peso sign
2. Do not use comma
3. Do not use decimal point
4. Round off your final answer to the nearest whole number
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