Question: May I ask for the explanation and solution to this problem for a better understanding. Thank you! On December 31, 20X8, the Receivables account of

May I ask for the explanation and solution to this problem for a better understanding. Thank you!

On December 31, 20X8, the "Receivables" account of Apple Company shows an amortized cost of P1,950,000. Subsidiary details show the following: Trade accounts receivable, P725,000; Trade notes receivable, P100,000; installments receivable, normally due one (1) year to two (2) years, P300,000; Customers' accounts reporting credit balances arising from sales returns, (P30,000); Advance payments for purchase of merchandise, P150,000; Customers' accounts reporting credit balances arising from advance payments, (P20,000); Cash advances to subsidiary, P400,000, Claims from insurance company, P15,000; Subscription receivable due in 180 days, P300,000; Accrued rent receivable, P10,000. How much should be presented as "trade and other receivables" under current assets?

a. P1,125,000

b. P775,000

c. P1,600,000

d. P1,290,000

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