Cash in bank, net of bank overdraft of P100,000 1,200,000 Petty cash, including unreplenished petty cash expenses (P10,000) 50,000 Notes receivable 750,000 Notes receivable, net customers’ accounts with credit balances of P200,000 2,000,000 Inventory, excluding unrecorded purchase of P300,000 on account in transit shipped FOB shipping point on December 31, 2019 2,500,000 Deferred charges 150,000 Accounts payable, net of suppliers’ accounts with debit balances of P400,000 3,000,000 Note payable, with annual installment of P500,000 payable every December 31 2,000,000 Accrued expenses 300,000 What amount should be reported as total current assets on December 31, 2019? 6,640,000 7,500,000 7,490,000 4,500,000 7,640,000
Cash in bank, net of bank overdraft of P100,000 1,200,000
Petty cash, including unreplenished petty cash expenses (P10,000) 50,000
Notes receivable 750,000
Notes receivable, net customers’ accounts with credit balances of P200,000 2,000,000
Inventory, excluding unrecorded purchase of P300,000 on account in transit
shipped FOB shipping point on December 31, 2019 2,500,000
Deferred charges 150,000
Accounts payable, net of suppliers’ accounts with debit balances of P400,000 3,000,000
Note payable, with annual installment of P500,000 payable every December 31 2,000,000
Accrued expenses 300,000
What amount should be reported as total current assets on December 31, 2019?
6,640,000
7,500,000
7,490,000
4,500,000
7,640,000
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