Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sipag Co. reported the following current assets on December 31, 2022: * Cash in bank, net of 500,000 bank overdraft in another bank Accounts receivable

Sipag Co. reported the following current assets on December 31, 2022: * Cash in bank, net of 500,000 bank overdraft in another bank Accounts receivable Notes receivable Notes receivable discounted Inventory, including 300,000 expected to be sold in the ordinary course of business beyond 12 months Financial assets at Fair value through Protit or Loss Financial assets at Fair Value through Other Comprehensive Income Prepaid Expenses, including cash surrender value of 300,000 Deferred tax asset 1 point 4,000,000 7,500,000 2,000,000 500,000 4,500,000 1,000,000 1,500,000 500.000 2,500,000 Equipment classified as "held for sale" 3,000,000 The accounts receivable included customer's accounts at 5,000,000, net of customers' credit balances of 600,000, allowance for doubtful accounts of 500.000, and selling price of unsold goods out on consignment at a markup of 50% on cost and excluded from ending inventory of 3,000,000 What amount should be reported as total current assets on December 31, 2022? Your

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

Cost Accounting A Managerial Emphasis 1

Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan

15th Edition

0133803813, 978-0133803815

More Books

Students also viewed these Accounting questions

Question

fscanf retums a special value EOF that stands for...

Answered: 1 week ago