REQUIREMENT:

Determine the correct amount of each current asset account.

PROBLEM 1 Current asset section Of the statement Of financial position prepared by the accountant Of II Company as Of December 31, 2024 as follows: Current Assets: Fmancial asset at fair value through profit Or loss Accoun ts rcccivnablc Inventory Other current assets TOTAL CURREvr ASSETS 3,285.1") 3,500.1") 140 company determines its inventory at year-end by physical count. An examination of the accounts showed thc following: b. d. e. On December 31 , 2024, the company issued and recorded a check pay-able to a vendor dated January 15, 2025 in the amount Of financial assets were purchased during the year 2024 for P 500,000. Fair value at December 31 w-as P550,ooo. Accounts receivable includes selling price of goods invoiced to a customer on December 27, 2024. Thc goods cost VI 208") and were billed at 150% of cost. goods were shipped FOB destination on December 27, 2024 and were by thc customer on January 5, 2025. 'lhere were goods Out on consignment at sales price Of company's gross profit on consigned goods is 400/0 Of sales price. Other current assets represent the total cost Of shares Of II Company intended for resale in REQUIREMENT: Dctcrminc thc Correct arnount Of each Current asset account.