Determine the total current assets as at December

Assignment Help Accounting Basics
Reference no: EM133072278

Question - On January 1, 2020, an entity had an opening bank balance of $500 million. During the period it issued shares and received a total of $250 million. No other transaction affected the bank balance for the said period.

The entity's trial balance also reported trade receivables before making adjustments for the provision for bad debt. The trade receivables balance was $150 million. However, the opening provision was $15 million and company experienced a decrease in provision for bad debt of $5 million.

The only other current assets were inventory and prepaid expenses of $25 million and $75 million respectively. Determine the total current assets as at December 31, 2020.

Reference no: EM133072278

Questions Cloud

Value of domestic currency : While throughout the Western countries, exchange rates were not settling down, especially during October 1992, Royal Bank of Scotland (RBS) borrowed Swiss Franc
Reasons for the existence of the eurodollar market : What are the basic reasons for the existence of the Eurodollar market?
Describe your work placement objectives : Describe your work placement objectives and Describe the results that you achieved in relation to these objectives
Determine the value of a potential investment : Capital budgeting is the process to determine the value of a potential investment/project to a firm. That is, it weeds out good investments from the bad
Determine the total current assets as at December : The only other current assets were inventory and prepaid expenses of $25 million and $75 million respectively. Determine the total current assets as at December
Fv of the second annuity problem : 1) Jor Amster is a young professional planning his future. He knows he needs to start saving (or investing) soon. But he also knows he doesn't have a lot of inc
What would be the total cost per unit : What would be the total cost per unit (including both fixed and variable costs) assuming that Best Apple produces 10,000 units
What inflation rate is expected after year 1 : Due to a recession, expected inflation this year is only 3.25%. However, the inflation rate in Year 2 and thereafter is expected to be constant at some level ab
Estimate firm approximate wacc : Estimate your firm's approximate WACC; use the most recent year's debt ratio to find the weights of debt and equity. If your company issues preferred stock, for

Reviews

Write a Review

Accounting Basics Questions & Answers

  Sirmons corporation bases its predetermined overhead rate

Sirmons Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year

  List the entry to record the employer payroll taxes

The amount paid to employees in excess of $7,000 was $2,160,000. List the entry to record the employer payroll taxes

  Calculate the revaluation gain reported by Morey

Using the acquisition method, calculate the revaluation gain (or loss) reported by Morey for its 25 percent investment in Amsterdam on June 30

  If the environmental protection authority is considering

following is an excerpt from an article from the newcastle herald regarding a chemical spill involving orica a large

  Compare and contrast accounting ethics with business ethics

Compare and contrast accounting ethics with business ethics. How are they similar? How are they different? What is your impression of the two

  What audit procedures will you conduct in this situation

You were assigned to audit DEF Company for the fiscal year ended March 31, 2021. What audit procedures will you conduct in this situation

  Preparing the necessary journal entry

Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.

  Determine the costs assigned to the december

Monson sells 30 units for $35 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory

  During the year the college received 1891000 cash in

private college transactions. elizabeth college a small private college had the following transactions in fiscal year

  How much did whirlpool received from selling

Both of these companies were part of Maytag. How much did Whirlpool received from selling Aga Foodservice and Dixie-Narco

  Write a research proposal and a literature review

Write a research proposal. The topic is bhp billiton and rio tinto financial report analysis and which company is doing better in the mining sector in Australia and why ?

  Par value of the stock and cost method

When treasury stock is purchased for more than the par value of the stock and the cost method is used to account for treasury stock, what account(s) should be debited?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd