Reference no: EM133081490
Question - TS TaeKook Co. provided the following data on December 31, 2020:
Cash - P1,800,000
Inventory - P1,900,000
Accounts receivable - P3,000,000
Accounts payable, net of debit balance of P50,000 - P2,450,000
The cash of P1,800,000 included cash in bank of P1,650,000, a customer check of P100,000 marked as NSF and an employee IOU of P50,000. The cash in bank of P1,650,000 is the balance per bank statement. On Dec. 31, 2020, the outstanding check amounted to P250,000.
The accounts receivable included the following:
Customer's debit balances - P1,600,000
Advances to a subsidiary - P400,000
Advances to suppliers - P200,000
Receivable from officers (due currently) - P300,000
Allowance for doubtful accounts (credit) - P100,000
Selling price of merchandise invoiced at 120% of costs, undelivered and excluded from inventory- P600,000.00.
Required - How much is the total cash and receivables, respectively, of BTS TaeKook Co. as of the end of 2020?
A. P1,650,000 and P2,400,000
B. P1,400,000 and P2,200,000
C. P1,650,000 and P2,600,000
D. P1,400,000 and P2,600,000
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