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    At Year

    Uploaded by

    Katrina Dela Cruz

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    At Year

    Uploaded by

    Katrina Dela Cruz
    7 views3 pages

    Original Title

    At year

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    Copyright:

    © All Rights Reserved
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    Download as docx, pdf, or txt
    7 views3 pages

    At Year

    Uploaded by

    Katrina Dela Cruz

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    You are on page 1of 3

    At year-end, the current assets

    of Hazel Company revealed


    cash and cash equivalent of
    P700,000, accounts
    receivable of P1,200,000
    and inventories of
    P600,000. The
    examination of accounts
    receivable disclosed the
    following:
    Trade accounts 930,000
    Allowance for doubtful
    accounts (20,000)
    Claim against shipper for goods
    lost in transit 30,000
    Selling price of unsold goods
    sent by hazel
    On consignment at 130% of
    cost and not
    Included in ending inventory
    260,000
    1,200,00
    At year-end, the current assets of Hazel Company revealed cash and cash equivalent of
    P700,000, accounts receivable of P1,200,000 and inventories of P600,000. The
    examination of accounts receivable disclosed the following:

    Trade accounts 930,000

    Allowance for doubtful accounts (20,000)

    Claim against shipper for goods lost in transit 30,000

    Selling price of unsold goods sent by hazel

    On consignment at 130% of cost and not

    Included in ending inventory 260,000

    1,200,00

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

    Answer:

    Cash and cash equivalent 700,000

    Accounts receivable (1,200,000-260,000) 940,000

    Inventories (600,000+200,000) 800,000


    2,440,000

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