Reference no: EM132577742
The following information is shown in the accounting records of Container Company:
January 1 December 31
Cash P186,000 ?
Accounts Receivable P201,000 P273,000
Merchandise Inventory P258,000 P234,000
Accounts Payable P159,000 P144,000
Prepaid Expense P120,000 P108,000
Total sales and cost of goods sold for 2018 were P2,394,000 (including P500,000 cash sales) and P1,749,000, respectively. Purchases were made on credit. Various operating expenses of P321,000 were incurred. Assume that there were no other pertinent transactions.
Question 1: What is the cash balance on December 31, 2018 of Container Company?
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