The following information pertains to an entity as at December 31, 2020: Trade notes payable 1,890,000...

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The following information pertains to an entity as at December 31, 2020: Trade notes payable 1,890,000 Accounts payable 1,575,000 Deferred tax liability 840,000 Stock dividends distributable 525,000 Accrued expenses 1,260,000 Income tax payable 1,155,000 Mortgage payable 1,050,000 Accrued salaries and wages 630,000 The accounts payable is stated net of debit balances of P210,000 in some supplier accounts. Included in the entity's assets are receivables for a total amount of P2,205,000 (net of credit balances of P315,000) and bank overdraft of P420,000. Determine the correct amount to be reported as current assets as of December 31, 2020. O 7,455,000 6,510,000 O 7,140,000 O 7,035,000 The following information pertains to an entity as at December 31, 2020: Trade notes payable 1,890,000 Accounts payable 1,575,000 Deferred tax liability 840,000 Stock dividends distributable 525,000 Accrued expenses 1,260,000 Income tax payable 1,155,000 Mortgage payable 1,050,000 Accrued salaries and wages 630,000 The accounts payable is stated net of debit balances of P210,000 in some supplier accounts. Included in the entity's assets are receivables for a total amount of P2,205,000 (net of credit balances of P315,000) and bank overdraft of P420,000. Determine the correct amount to be reported as current assets as of December 31, 2020. O 7,455,000 6,510,000 O 7,140,000 O 7,035,000

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Answer Option A is cor... View the full answer