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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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