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Petite Company Reported The Following Current Assets On December 31

Petite Company reported total current assets of $7,950,000 on its balance sheet as of December 31, 2019, which included $5,000,000 in cash, $2,000,000 in accounts receivable, and $800,000 in inventory and $150,000 in prepaid expenses. The $5,000,000 in cash consists of $3,500,000 in a general checking account, $1,000,000 set aside to retire bonds, and $500,000 for value added taxes.

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911 views1 page

Petite Company Reported The Following Current Assets On December 31

Petite Company reported total current assets of $7,950,000 on its balance sheet as of December 31, 2019, which included $5,000,000 in cash, $2,000,000 in accounts receivable, and $800,000 in inventory and $150,000 in prepaid expenses. The $5,000,000 in cash consists of $3,500,000 in a general checking account, $1,000,000 set aside to retire bonds, and $500,000 for value added taxes.

Uploaded by

Katrina Dela Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Petite Company reported the following current assets on December 31, 2019:

Cash 5,000,000

Accounts receivable 2,000,000

Inventory, including goods received on

Consignment P200,000 800,000

Prepaid expenses, including a deposit of P50,000

Made on inventory to be delivered in 18months 150,000

Total current assets 7,950,000

Cash in general checking account 3,500,000

Cash fund to be used to retire bonds payable in 2021 1,000,000

Cash held to pay value added taxes 500,000

Total cash 5,000,000

What total amount of current assets should be reported on December 31, 2019?

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