Question
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678
The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets:
Cash | P 96,578 |
Accounts receivable | 452,800 |
Inventories | 376,300 |
| P925,678 |
An examination of the accounts disclosed that the accounts receivable consisted of the following items:
Trade customers accounts | P357,742 |
Due from employees current | 43,658 |
Equity in P50,000 of uncollected accounts receivable assigned under guaranty | 16,000 |
Selling price of merchandise on consignment at 140% of cost and not sold by consignee | 50,400 |
Allowance for doubtful accounts | (15,000) |
| P452,800 |
What should be the adjusted amount of the current assets as at December 31, 1979?
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