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03 Activity 1
03 Activity 1
CASE 1: PM Company
PM Company provided the following adjusted account balances on December 31, 2X14:
Wages payable P250,000
Cash 200,000
Mortgage payable 1,500,000
Dividends payable 150,000
Prepaid rent 100,000
Inventory 800,000
Sinking fund 500,000
Short-term investments 300,000
Taxes payable 220,000
Accounts payable 240,000
Accounts receivable 350,000
Requirement: Compute for the total current assets on December 31, 2X14 (5 points).