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    Cece Castro
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    Mariano Corp's balance sheet on December 31, 2016 showed accounts payable of P145,000, accounts receivable of P110,000, accrued liabilities of P4,000, cash of P80,000, income tax payable of P10,000, inventory of P140,000, marketable securities of P250,000, notes payable of P85,000 due in 3 months, and prepaid expenses of P15,000. The company's working capital was P351,000 and its quick assets were P440,000.

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    Mariano Corp's balance sheet on December 31, 2016 showed accounts payable of P145,000, accounts receivable of P110,000, accrued liabilities of P4,000, cash of P80,000, income tax payable of P10,000, inventory of P140,000, marketable securities of P250,000, notes payable of P85,000 due in 3 months, and prepaid expenses of P15,000. The company's working capital was P351,000 and its quick assets were P440,000.

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    4 views1 page

    Problem #4

    Uploaded by

    Cece Castro
    Mariano Corp's balance sheet on December 31, 2016 showed accounts payable of P145,000, accounts receivable of P110,000, accrued liabilities of P4,000, cash of P80,000, income tax payable of P10,000, inventory of P140,000, marketable securities of P250,000, notes payable of P85,000 due in 3 months, and prepaid expenses of P15,000. The company's working capital was P351,000 and its quick assets were P440,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    PROBLEM #4

    Mariano Corp had the following data in its balance sheet on December 31,
    2016:

    Accounts payable P145,000


    Accounts receivable 110,000
    Accrued liabilities 4,000
    Cash 80,000
    Income tax payable 10,000
    Inventory 140,000
    Marketable securities 250,000
    Notes payable, due in 3 months 85,000
    Prepaid expenses 15,000

    1. The amount of working capital is 351,000


    2. The amount of quick assets is 440,000
    Solution:
    1. 595,000 – 244,000 = 351,000
    2. 110,000 + 80,000 + 250,000 = 440,000

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