auditing

Case 1 The data below are from the records of Gomez, Inc. on December 31, 20x1: Accounts payable Cash balance, ABC Bank Cash overdraft with XYZ Bank Customers' accounts with credit balances Dividends in arrears on preference shares Employees' income tax payable Estimated warranty liability Estimated premium claims outstanding Income tax payable Notes Payable (issued in 20x1 maturing in semi-annual installments beginning April 1, 20x2 for 20 years) Salaries payable P720,000 1,120.000 130.000 50,000 450,000 200,000 80,000 75,000 480.000 4,000,000 320,000 Required: (1 item x 5 points) 1. What amount shall be reported as total current liabilities on Gomez, Inc.'s statement of financial position at December 31, 20x1