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How much is the current assets that should be shown

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Question - The following data are available for purposes of stating the financial position of Bernardo Company on December 31, 2022:

Cash P1,200,000

Investment securities - Trading (includes long-term investment of P500,000 in ordinary shares of Ayala Developers) 2,000,000

Inventories (net of amount still due suppliers of P200,000) 800,000

Prepaid expenses (includes a deposit of P40,000 made on inventories to be delivered in 18 months) 150,000

Property, plant, and equipment (excluding P300,000 of equipment still in use, but fully depreciated) 10,000,000

Goodwill (based on estimate by the president of Bernardo) 1,000,000

Total assets P15,150,000

Further analysis of cash shows the following:

Cash in general checking account P600,000

Cash in fund to be used to retire bonds in 2024 500,000

Cash held to pay sales taxes 100,000

Required - How much is the current assets that should be shown in the statement of financial position as of December 31, 2022?

Reference no: EM133107197

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