Reference no: EM132907938
The accounts below were taken from the unadjusted trial balance Of ROSE BP CORPORATION as of December 31, 2021:
Cash P124,000
Investment in shares, at cost 87,000
Notes receivable 92,000
Trade accounts receivable 122,000
Allowance for doubtful accounts 6,000
Merchandise inventory 136,000
Notes payable 150,000
Trade accounts payable 75,000
Employees' income tax withheld 4,000
Bonds payable 250,000
Share dividends payable 15,000
Income tax payable 28,000
Analysis Of the above accounts disclosed the following:
- Bank overdraft Of P13,000 was deducted from cash balance.
- Trade accounts receivable deposit of P7,000.
- Merchandise worth P15,0002021 was included in the recorded as a purchase.
- Accounts payable was net balance of P12,000.
- A bank loan Of P30,000 due included in the notes payable was net of customers' received December 30, inventory but was not Of accounts with debit December 31, 2023 was balance.
- Bonds payable which was issued in 2021 will mature in five annual installments beginning June 1, 2022.
Problem 1: Compute for the following as of December 31, 2021:
a. Total current assets
b. Total current liabilities