The following accounts and their balances appear in an unadjusted trial balance of CASHEW Company as of December 31, 2021: Cash and cash equivalents P400,000 Trade and other receivables 2,000,000 Subscription receivables 375,000 Inventory 500,000 Trade and other payables 670,000 Income tax payable 196,500 Additional Information: - Trade and othe receivables include long term advances to company officers amounting to P430,000 - The subscriptions receivable has the following call dates: June 30, 2022 - P200,000; December 31, 2022- P100,000, and June 30, 2023- P75,000 - Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as year- end. - Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributed in CASHEW's own shares. What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?
- The following accounts and their balances appear in an unadjusted
trial balance of CASHEW Company as of December 31, 2021:
Cash and cash equivalents P400,000
Trade and other receivables 2,000,000
Subscription receivables 375,000
Inventory 500,000
Trade and other payables 670,000
Income tax payable 196,500
Additional Information:
- Trade and othe receivables include long term advances to company officers amounting to P430,000
- The subscriptions receivable has the following call dates: June 30, 2022 - P200,000; December 31, 2022- P100,000, and June 30, 2023- P75,000
- Inventory of P500,000 was determined by physical count. On December 31, 2021, goods costing P125,000 are transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as year- end.
- Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributed in CASHEW's own shares.
What is the total current liabilities to be presented in the statement of financial position as of December 31, 2021?
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