Reference no: EM132623388
Dr. Strangest Company provided the following account balances on December 31, 2022:
Accounts payable 1,000,000
Accounts receivable, net of allowance for doubtful accounts P50,000 600,000
Accrued taxes 50,000
Accrue interest receivable 30,000
Authorized share capital, 50,000 shares, P100 par 5,000,000
Building, net of accumulated depreciation of P2,500,000 3,000,000
Cash on hand 50,000
Cash in bank 650,000
Bond sinking fund 2,000,000
Furniture and equipment, net of accumulated depreciation of P900,000 1,500,000
Inventory 1,200,000
Investment property 700,000
Land 1,000,000
Deferred tax liability 650,000
Bonds payable due June 30, 2023 2,000,000
Note payable 850,000
Notes receivable 200,000
Patent 370,000
Other accrued liabilities 150,000
Prepaid expenses 100,000
Share premium 300,000
Retained earnings appropriated for contingencies 200,000
Retained earnings 2,700,000
Share subscription receivable 500,000
Subscribed share capital, 2,000 shares 1,000,000
Unissued share capital 2,000,000
Problem 1: On December 31, 2022, what total amount should be reported as current assets?
A. 4,830,000
B. 2,830,000
C. 2,380,000
D. 2,870,000
Problem 2: On December 31, 2022, what total amount should be reported as non-current assets?
A. 7,870,000
B. 8,570,000
C. 6,570,000
D. 5,870,000
Problem 3: On December 31, 2022, what total amount should be reported as current liabilities?
A. 4,050,000
B. 2,050,000
C. 2,700,000
D. 3,900,000
Problem 4: On December 31, 2022, what total amount should be reported as non-current liabilities?
A. 2,650,000
B. 650,000
C. 1,500,000
D. 0
Problem 5: On December 31, 2022, what is the total shareholder's equity?
A. 6,700,000
B. 7,700,000
C. 7,200,000
D. 8,700,000
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