Reference no: EM132811806
Foxhound Company provided the following balances on December 31, 2021:
Cash and cash equivalent 1,000,000
Trade and other receivable 950,000
Inventory 500,000
Financial assets at fair value through P&L 500,000
Financial assets at fair value through OCI 800,000
Property Plant and Equipment 1,500,000
Further analysis of Foxhound Company's accounts revealed the following:
Trade and other receivable included the following:
- Advances to an executive officer for P250,000 which is due on March 1, 2023.
- Customer credit balance of P60,000 which deducted in relation to goods returned in 2021.
- Equity over the assigned accounts of P120,000; the assigned accounts amounted to P200,000 while the related note balance was P80,000.
- Property, Plant and Equipment includes a plot of land in which Foxhound Company has committed to a plan to sell it and currently active in locating a buyer to complete the plan. The carrying value of the land included in the account was P675,000 while its fair value less cost to sell is P600,000.
Problem 1: The amount reported as current asset on December 31, 2021 is
Problem 2: The amount reported as noncurrent asset on December 31, 2021 is
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