Reference no: EM132869208

An entity disclosed the following information at year-end

Accounts Payable, net of debit balances in supplier's accounts P100,000 - 4,000,000

Accrued expenses 1,500,000

Credit balances of customer's account receivable - 500,000

Share dividend payable - 1,000,000

Claims for increase in wages and allowances by employees of the entity, covered in a pending lawsuit - 400,000

Estimated expenses in redeeming prize coupons - 600,000

Question 1: What amount should be reported as total current liabilities?

a. P6,700,000

b. P6,600,000

c. P7,100,000

d. P7,700,000