Reference no: EM132879391
Cara Company provided the following information:
1/1/2014 12/31/2014
Current assets 240,000 ?
Property, plant and equipment 1,600,000 1,700,000
Current liabilities ? 130,000
Noncurrent liabilities 580,000 ?
All assets and liabilities are reported at year end. Working capital of P92,000 remained unchanged from 2013 to 2014. Net income in 2014 was P64,000. No dividends were declared during 2014 and there were no other changes in shareholder's equity. What amount should be reported for the following
Problem 1: Current liabilities on January 1, 2014
a. 148,000
b. 240,000
c. 338,000
d. 332,000
Problem 2: Noncurrent liabilities on December 31, 2014
a. 340,000
b. 432,000
c. 616,000
d. 580,000
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