Reference no: EM133170142
Question - In connection with your audit of the Pagadian Co., for the year 2020, you were able to gather the following accounts are from the unadjusted trial balance of the company on December 31, 2020:
Cash 170,000
Accounts receivable 525,000
Allowance for bad debts 4,000
Notes receivable 180,000
Prepaid rent expense 10,000
Trading securities 150,000
Merchandise inventory 450,000
Accounts payable 242,500
Note payable 100,000
Accrued expenses 22,000
Bonds payable (due semi-annually in June and
December at P30,000) 300,000
Income tax payable 30,000
SSS and HDMF premiums payable 12,000
Withholding tax payable 9,000
Mortgage payable, due July 31, 2022 200,000
Contingent liability 80,000
Additional information:
Cash consists of: Cash in bank per bank statement (outstanding checks, P12,000) 167,000
Petty cash, including unreplenished petty cash expense vouchers of P150) 500
Customer's advance deposits in check dated January 15, 2021 2,500 170,000
Accounts receivable includes P125,000 selling price of goods sent on consignment at 125% o cost and not included in the inventory.
Notes receivable include notes discounted of P80,000.
Accounts payable includes P40,000 cost of purchases in transit FOB destination but not included in the inventory. It also includes customer's advance deposit in check dated January 15, 2021 of P2,500.
The Notes Payable is a promissory note dated October 1, 2020, due Mark 31, 2021 with 18% interest p.a. this is in connection with a loan from a Chubby Bank. Accrued expenses exclude the internet payable in the note.
Based on the above and the result of your audit, determine the amounts to be presented in Pagadian's statement of financial position as of December 31, 2020 of the following - How much trade and other receivables be presented?