How much amount to be presented as loans and receivables

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Reference no: EM132829512

Question - On December 31, 2018, the "Receivables" account of F Company shows a debit balance of P5,950,000. Subsidiary details show the following:

Accounts Receivable, P725,000; Notes Receivable, P100,000, Installments Receivable, normally due 1 year to 2 years, P300,000; Customers' Accounts reporting credit balances arising from sales returns, P30,000; Advance payments for purchase of merchandise, P150,000; Cash advances to subsidiary, P400,000. Claim from insurance company, P15,000; Subscription receivable due in 60 days, P300,000; Accrued Interest Receivable, P10,000; Deposit on contract bids, P3,000,000 and Advances to Shareholders (collectible in 2020), P1,000,000.

How much is the amount to be presented as "Loans and Receivables" under current assets section of the statement of financial position?

a. P725,000

b. P1,600,000

c. P1,125,000

d. P1,590,000

Reference no: EM132829512

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