What total amount of current assets should be reported

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Reference no: EM132827672

Questions - Show the following step-by-step solution for each question.

Q1. Petite Company reported the following current assets at year end:

Cash 5,000,000

Accounts receivable 1,500,000

Inventory, including goods received on consignment P200,000 800,000

Bond investment at FV through OCI 1,000,000

Prepaid expenses, including a deposit made on inventory to be delivered in 18 months 250,000

What total amount of current assets should be reported at year end?

Q2. Gar Company reported the following liability account balances on December 31, 2020:

Accounts payable 2,000,000

Bonds payable, due December 2021 3,400,000

Discount on bonds payable 200,000

Deferred tax liability 500,000

Dividends payable 600,000

Income tax payable 900,000

The deferred tax liability is based on temporary differences that will reverse in 2019.

On December 31, 2020, what total amount should be reported as current liabilities?

Reference no: EM132827672

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