Reference no: EM132869578
Shown below are selected accounts and their balances for the Zay Company as of December 31, 2018:
Accounts payable - P980,000;
Accounts receivable - P2,160,000;
Allowance for bad debts - P250,000;
Cash - P224,000;
Wages payable - P108,000;
Trademarks - P450,000;
Long-term advances to officers - P1,500,000;
Inventory - P830,000;
Income taxes payable - P720,000;
Notes receivable (short-term) - P970,000;
Bond redemption fund - P1,800,000;
Bonds payable - P5,000,000;
Premium on bonds payable - P400,000;
Treasury shares - P576,000
Problem 1: How much were the total current assets at December 31, 2018?
a. P3,934,000
b. P3,943,000
c. P5,434,000
d. P4,510,000
Problem 2: How much were the total current liabilities at December 31, 2018?
a. P980,000
b. P1,088,000
c. P1,808,000
d. P7,208,000