Reference no: EM132916414

Question - The accounts and balances shown below were taken from Silver Company's trial balance on December 31, 2020. All adjusting entries have been made. Wages Payable, P250,000; Cash, P155,000; Bonds Payable, P600,000; Dividends Payable, P150,000; Prepaid Rent, P136,000; Inventory, P820,000; Investment in Sinking Fund Assets, P525,000; Investment to profit or loss securities, P153,000; Premium on Bonds Payable, P58,000; Investment in Subsidiary, P1,020,000; Taxes Payable, P228,000; Accounts Payable, P248,000; Accounts Receivable, P366,000; Property, Plant, & Equipment, P1,200,000; Patents-net, P150,000; Accumulated Depreciation-PPE,P400,000; Land held for future business site, P900,000.

Required -

1. How much should be reported in Silver's December 31, 2020 statement of financial position as non current assets?

2. How much should be reported in Silver's December 31, 2020 statement of financial position as current liabilities?

3. How much should be reported in Silver's December 31, 2020 statement of financial position as non current liabilities?

4. How much should be reported in Silver's December 31, 2020 statement of financial position as current assets?