What is the total current assets at December

Assignment Help Financial Accounting

Reference no: EM132834179

Question - The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500.

Additional information:

a) Trade and other receivables include long term advances to company officers amounting to P430,000.

b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000.

c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares.

Required -

1. What is the total current assets at December 31, 2020?

2. What is the total current liabilities at December 31, 2020?

Reference no: EM132834179

Questions Cloud

Academic essay on managing culture : Write an academic essay - write a reflection, in approximately 500 words to several forms of feedback on your draft essay. Part two should be presented

Determine the business intelligence : Go to data.gov - a US government-sponsored data portal that has a very large number of data sets on a wide variety of topics ranging from healthcare

Explain district policies that relate to the issues : Teachers are often very comfortable with giving specific and measurable feedback to their students. However, when the audience shifts to adults.

Calculate the payback period of the project : Calculate the payback period of the project. Company A is planning to undertake a project requiring initial investment of $30 million

What is the total current assets at December : Trade and other receivables include long term advances to company officers amounting to P430,000. What is the total current assets at December

Make the journal entry to record the impairment loss : RPB extended a P2,000,000 loan to XYZ, Inc. Prepare the journal entry to record the impairment loss using direct method (1) and allowance method (2).

What is meant by validity of an instrument : 1. What are the different kinds of instruments used in collecting data? Distinguish one from another.

What you have learned to your future professional practice : Clinical B Teacher Placement Process: Having a working knowledge of content-specifics and an ability to select talent gives the principal and the placement.

Which costs would not be included in capital budget analysis : Which of Transportation cost of the new machine costs would NOT be included in a capital budget analysis as part of the net cash outflow of the new machine?

User Account

All Pages