Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help.. theres no choices on no 38.. its okay if mo explanation Q2 Quarterly Examination: Attempt 1 MARKJIN MERCHANDISING had the following information relating

Please help.. theres no choices on no 38.. its okay if mo explanation

image text in transcribed
Q2 Quarterly Examination: Attempt 1 MARKJIN MERCHANDISING had the following information relating to his business on December 31, 2019: Cash, P500,000; A/R, P200,000; Supplies, P30,000; A/P, P100,000; Loans Payable, P200,000; Land, P1,000,000; Building, P750,000; and Notes Receivable, P6,000,000. Payments for the Notes receivable are to be made equally amounting to P2,000,000 every 3 years starting December 31, 2020, in addition, an interest of 2.5% is also to be received 10 days after year-end. How much is MARKJIN MERCHANDISING's current assets on December 31, 2019? A P 10,255,000 B P 2,730,000 C P 2,880,000 D P 7,880,000 Question 38 1 Point The following was taken from the 2020 financial statements of PSYCHO SOTY Accounts receivable, Jan 1 - P216,000; Accounts receivable, Dec 31 - P304,000; Cash sales and credit sales - P4,380,000; Bad debts expense - P10,000 (no accounts receivable were written-off or recovered during the year.) How much is the cash collected from PSYCHO SOTY customers during 2020? 103 minutes remaining Lost saved 11:15:38 AM Save and Close Submit

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

Understanding Financial Accounting

Authors: Christopher D. Burnley

2nd Canadian Edition

1119406927, 978-1119406921

More Books

Students also viewed these Accounting questions

Question

Personal role: This consists of service to family and friends.

Answered: 1 week ago