Reference no: EM132857368

Question - The unadjusted trial balance as of December 31: Cash and cash equivalents- 250,000; Inventory- 150,000; Trade and other receivable- 500,000; Trade and other payables 330,000; Subscription receivable- 175,000; Income tax payable- 26,500.

Additional information are as follows:

Trade and other receivables include long term advances to company officers amounting to 30,000.

The subscription receivable has the following call dates: June 30, 2017, 50,000; December 31, 2017, 50,000; and June 30, 2018, 75,000.

Inventory of 150,000 was determined by physical count. At December 31, goods costing 25,000 are in transit from a supplier. Terms of purchase of said goods is FOB shipping point. The goods and the related invoice have not been received as of year-end.

Trade and other payables include dividends payable amounting to 70,000, of which 20,000 is payable in cash and 50,000 is distributable in ABC's own shares.

Required -

1. Determine the total current assets at December 31?

2. Determine the total current liabilities at December 31?