Question
Problem 7. On December 31 20201, data for determined CO. includes the following: 1. Investment in bonds 510,000 2. Notes receivable 450,000 3. Accounts payable
Problem 7. On December 31 20201, data for determined CO. includes the following: 1. Investment in bonds 510,000 2. Notes receivable 450,000 3. Accounts payable 450,000 4. Merchandise inventories 399,000 5. Investment in equity instruments 375,000 6. Biological asset 360,000 7. Accounts receivable 300,000 8. Investment in subsidiary 210,000 9. Cash and cash equivalents 210,000 10. Cash surrender value 180,000 11. Deferred tax assets 180,000 12. Accumulated in associate 150,000 13. Investment in associate 135,000 14. Claims for tax refund 135,000 15. Sinking fund 120,000 16. Intangible assets 90,000 17. Interest receivable 63,000 18. Prepaid interest (not a valuation account to financial liability) 60,000 19. Prepaid rent 60,000
20. Accrued interest expenses 54,000 21. Allowance for bad debts 30,000 22. Unearned interest on receivables 15,000 Questions: Based on the data, determine the following: 1. Financial assets a. P 2,568,000 c. P 2,583,000 b. P 2,313,000 d. P 2,2673,00 2. Nonfinancial assets a. P 1,374,000 c. P 1,074,000 b. P 1,465,000 d. P 2,535,000
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