Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Joshua Company reported the following at Dec. 31, 2021: The following are the other relevant facts gathered from the disclosure to the report: 1. Cash

Joshua Company reported the following at Dec. 31, 2021: The following are the other relevant facts gathered from the disclosure to the report: 1. Cash includes an overdraft from Bank X amounting to P 25,000 2. Inventory includes consigned goods from an affiliate amounting to P 6582 3. Long Term loan is payable semi-annually in P50,000 installments

Debit Credit
Cash in Bank 18,000.00
A/R 169,303.50
Interest Receivable 717.00
Inventory 2,820,780.00
Trading Securities 102,682.50
Deferred Tax 982.50
Accounts Payable 1,258,124.00
Interest Payable 420.00
Other Payables 124.50
Current Tax Payable 363.00
Long Term Loan 1,000,000.00
Deferred Tax 84,621.00
Share Capital 1,060,664.00
Retained Earnings 417,576.00
Total 3,112,465.50 3,821,892.50

From the given information, how much are the current and non-current assets and liabilities?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IS Audit And Control For Accountants

Authors: Mr Amir Manzoor

1st Edition

1493665006, 978-1493665006

More Books

Students also viewed these Accounting questions