Gold Company provided the following trial balance on December 31, 2019: Cash overdraft P100,000 Accounts receivable P350,000 Inventory 600,000 Prepaid expenses 100,000 Land held for sale 1,000,000 Property, plant and equipment 950,000 Accounts payable 200,000 Accrued expenses 150,000 Ordinary share capital 1,500,000 Share premium 250,000 Retained earnings 800,000 P3,000,000 P3,000,000 Checks amounting to P300,000 were written to vendors and recorded on December 29, 2019 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2020. Land held for sale was sold for cash on January 31, 2020. The entity issued the financial statements on March 31, 2020. What total amount should be reported as current liabilities?
Gold Company provided the following
|
Cash overdraft |
|
P100,000 |
|
|
P350,000 |
|
|
Inventory |
600,000 |
|
|
Prepaid expenses |
100,000 |
|
|
Land held for sale |
1,000,000 |
|
|
Property, plant and equipment |
950,000 |
|
|
Accounts payable |
|
200,000 |
|
Accrued expenses |
|
150,000 |
|
Ordinary share capital |
|
1,500,000 |
|
Share premium |
|
250,000 |
|
|
|
800,000 |
|
|
P3,000,000 |
P3,000,000 |
Checks amounting to P300,000 were written to vendors and recorded on December 29, 2019 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2020. Land held for sale was sold for cash on January 31, 2020. The entity issued the financial statements on March 31, 2020.
What total amount should be reported as current liabilities?
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