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Find amount reported as noncurrent asset on december

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Reference no: EM132817776

Alas Company provided the following balances on December 31, 2021:

Cash and cash equivalents 1,200,000

Inventory 650,000

Prepayments 120,000

Investment in associate 440,000

Deferred tax asset 200,000

Intangible assets 380,000

Further analysis of Alas Company's accounts revealed the following:

  1. Cash account includes a sinking fund of P300,000, as well as P90,000 being held to pay VAT. The balance was net of an overdraft amounting to P200,000 in its BPI account. Alas does not have any other account in BPI.
  2. Prepayments included a P50,000 security deposit which will expire by December 31, 2023.
  3. The deferred tax asset was due to a future deductible amount of which 40% will reverse in 2022 and the remaining portion evenly from 2023 to 2025.

Problem 1: The amount reported as current assets on December 31, 2021 is

Problem 2: The amount reported as noncurrent asset on December 31, 2021 is

Reference no: EM132817776

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