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    Petite Company Reported The Following Current Assets On December 31

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    Katrina Dela Cruz
    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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    Petite Company Reported The Following Current Assets On December 31

    Uploaded by

    Katrina Dela Cruz
    476 views1 page
    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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    Petite Company Reported the Following Current Assets on December 31

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    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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    476 views1 page

    Petite Company Reported The Following Current Assets On December 31

    Uploaded by

    Katrina Dela Cruz
    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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    © All Rights Reserved
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    of 1

    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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