Question
Kevin Company reported the following current assets on December 31, 2020: Cash, net of bank overdraft of P 200,000 4,300,000 Accounts receivable 7,500,000 Inventory, excluding
Kevin Company reported the following current assets on December 31, 2020: Cash, net of bank overdraft of P 200,000 4,300,000 Accounts receivable 7,500,000 Inventory, excluding goods out consignment 4,000,000 Available for sale financial asset 1,500,000 Deferred tax asset 1,200,000 Total current assets 18.500.000 An analysis disclosed that accounts receivable comprised trade accounts of P 5.000,000, allowance for doubtful accounts of P 500,000 and selling price of P 3,000,000 of goods out on consignment with a markup of 50% on cost. What total amount should be reported as current assets on December 31, 2020?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started