Beruflich Dokumente
Kultur Dokumente
DEPARTMENT OF ACCOUNTANCY
Practice questions:
1. K Corporation’s trial balance reflected the following account balances at December 31,
2019:
Inventory 500,000
Patent 50,000
In East Corporation’s December 31, 2018 statement of financial position, the current assets
total is?
2. The December 31, 2018 statement of financial position of J Company showed the following
current assets:
Inventories 600,000
Total P2,500,000
An examination of the accounts revealed that the accounts receivable include the following:
3. The statement of financial position of K Company on December 31, 2018 contained the
following current assets:
FOB point of Destination. The goods are received January 5, 2018 2,000,000
4. The December 31, 2019, statement of financial position of J Company contained the
following current assets:
Inventories 1,700,000
On December 31, 2019, J Company should report total current assets of?
Inventory 580,000
Checks amounting to P300,000 were written to vendors and recorded on June 29, 2019,
resulting in a cash overdraft of P100,000. The checks were mailed on July 9, 2019. Land held
for sale was sold for cash on July 15, 2019.
K issued its financial statements on July 31, 2019. In its June 30 2019, statement of financial
position, what should K report as current assets?
6. The following data are available for purposes or stating the financial position of J Company
on December 31, 2019:
How much current assets should be shown in the statement of financial position as of
December 31, 2019?
7. The trial balance of K Company included the following balances at December 31, 2019:
What amount should be included in the current liability section of K Company’s December 31,
2019 statement of financial position?
9. K Company’s current liabilities at December 31, 2019, totaled P1,500,000 before any
necessary year-end adjustment relating to the following:
On December 23, 2019, a vendor authorized K to return, full credit, goods shipped and
billed at P45,000 on December 20, 2019. The returned goods were shipped by K on
December 29, 2019. A P45,000 credit memo was received and recorded by K on January
7, 2020.
At December 31, 2019, what amount should K report as total current liabilities?
How much should be shown as current liabilities in the statement of financial position of J
Company on December 31, 2019?