Reference no: EM132858866
An entity reported the following current assets on December 31, 2020:
Cash in bank 4,000,000
Accounts receivable 7,000,000
Notes receivable 2,500,000
Notes receivable discounted (400,000)
Inventory 4,500,000
Financial asset - FVPL 1,000,000
Financial asset - FVOCI 1,500,000
Prepaid expenses 200,000
Deferred tax asset 2,500,000
Equipment classified as "held for sale" 2,000,000
Total 24,800,000
Customers' accounts 5,000,000
Allowance for doubtful accounts (500,000)
Sale price of unsold goods out on consignment at 125% of cost and excluded from ending inventory 2,500,000
Net accounts receivable 7,000,000
Problem 1: What amount should be reported as total current assets on December 31, 2020?
a. 18,300,000
b. 22,800,000
c. 20,800,000
d. 20,300,000
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