Solution-What the balance of accounts receivable as of

What the balance of accounts receivable as of december

Reference no: EM133183642

Question - The December 31, 2021, balance sheet of Trend, Inc. is presented below. These are the only accounts in Trend's balance sheet. Amounts indicated by question mark (?) can be calculated from the additional information given.

Assets
Cash	P25,000
Accounts Receivable (net)	?
Inventory	?
Property, plant and equipment (net)	294,000
Total	P432,000

Liabilities and Equity
Accounts payable (trade)	P?
Income taxes payable (current)	25,000
Long-term debt	?
Ordinary shares	300,000
Retained earnings	?
Total	P?

Additional information:
Current ratio (at year end)	1.5 to 1
Total liabilities divided by total equity	0.8
Inventory turnover based on sales and ending inventory	15 times
Inventory turnover based on cost of goods sold and ending inventory	10.5 times
Gross margin for 2021	P315,000

Required -

What was Trend's December 31, 2021 balance in trade accounts payable?

What was Trend's December 31, 2021 balance in retained earnings?

What was Trend's December 31, 2021 balance in the inventory account?

What the balance of Accounts Receivable as of December 31, 2021?

What the balance of Long-term debt as of December 31, 2021?

Reference no: EM133183642

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What the balance of accounts receivable as of december

Reference no: EM133183642

Reference no: EM133183642

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