ASSESSMENT #1 ASSESSMENT #3

Leo company provided the following information at year end: Purified Company provided the following data on Dec. 31,2019
CASH 300,000 Cash, including Sinking fund of 500,000 P 2,000,000
A/R 1,200,000 N/R 1,200,000
INVENTORY, including expected in the ordinary course N/R discounted 700,000
of operations to be sold beyond 12 mos amounting to 700,000 1,000,000 A/R unassigned 3,000,000
Prepaid expenses 100,000 A/R assigned 800,000
Financial Asset held for trading 200,000 A.D.A 100,000
Equity Investment at FV OCI. 800,000 NCA Equity assignee in A/R –assigned 500,000
Deferred tax asset. PAS 1 & 12 150,000 NCA Inventory, including 600,000 cost of goods in transit
purchased FOB Destination. The goods were receives on
What amount should be reported as total CURRENT ASSET at year end? January 3,2020 2,800,000
2,800,000
Solution : What is the amount of Current asset be reported upon Dec 31,2020
Cash 300,000 Cash 1,500,000
A/R 1,200,000 N/R 1,200,000
INVENTORY, 1,000,000 N/R discounted (700,000)
Prepaid expenses 100,000 A/R unassigned 3,000,000
Financial Asset held for trading 200,000 A/R assigned 800,000
Total Current Assets? 2,800,000 A.D.A (100,000)
Inventory 2,200,000
ASSESSMENT #2 TCA 7,900,000
On December 31,2019, IPHONE company reported the following Current Assets:
Cash 700 T
A/R 1.200 T  examination of A/R revealed the ff.
Inventory 600T Trade Accounts 930 T
A.D.A (20T)
Claims against shipper for goods lost in transit 30T
Selling Price of unsold goods sent out on
consignment at 130% of cost and not included
in Ending Inventory 260 T
Total A/R 1,200 T
What is the correct amount of total CURRENT ASSET?

Cash 700 T
A/R 930 T
A.D.A (20T)
Claims against shipper for goods lost in transit 30T
Inventory ( 600+ 200) 800 T
Total CA 2440,000
Selling Price of unsold goods sent out on consignment is excluded from A/R but Cogs is included
260,000/ 130%= 200,000