Philips Has a 50% Joint Operation Interest in Josef A)$500
B)$550
C)$775
D)$1,050

question 64

Multiple Choice

Philips has a 50% joint operation interest in Josef. Based on the following information, what amount will be presented for current assets on Philips' proportionately consolidated balance sheet? $$\begin{array} { | l | r | r | } \hline & \text { Philips } & \text { Josef } \\\hline \text { Current assets } & \$ 500 & \$ 550 \\\hline \text { Long-term assets } & 300 & 50 \\\hline \text { Investment in investee } & 200 & 0 \\\hline \text { Current liabilities } & 350 & 200 \\\hline \text { Long-term liabilities } & 450 & 300 \\\hline \text { Equity } & 200 & 100 \\\hline\end{array}$$

• A)$500
• B)$550
• C)$775
• D)$1,050

Apply the knowledge of accounting for petty cash, identifying cash overages and shortages, and recording related transactions.

Understand the documentation and procedures involved in the receipt and recording of goods in a business.

Identify and classify different parties involved in business transactions (e.g., vendor, creditor).

Apply principles of bank reconciliation, including adjustments for accuracy in financial records.

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Definitions:

3-Dimensional

Describes an object or representation that includes depth, width, and height, providing a perception of volume and space.

Working Distance

The distance between the objective lens of a microscope and the surface of the sample being observed.

Objective Lens

A component of a microscope closest to the object being examined, focusing light or electrons to produce a magnified image.

Ocular Lens

A transparent structure in the eye that helps to refract light to be focused on the retina, enabling vision.