Reference no: EM132774542

On December 31, 2017, the "receivables" account of Lita Inc. shows a debit balance of P2,000,000 and a credit balance of P50,000 for allowance for doubtful accounts.

The details of the receivables are as follows:

Trade accounts receivable - P775,000

Trade notes receivable - 100,000

Installments receivable collectible next year - 300,000

Customers' credit balances arising from sales returns (30,000), advance payments (20,000) - 50,000

Advance payments to suppliers - 150,000

Cash advances to subsidiary - 400,000

Claims from insurance company - 15,000

Subscriptions receivable due in 60 days - 300,000

Interest receivable - 10,000

Problem 1: At what amount should the Trade and other receivables account be presented in the balance sheet under current assets as of December 31, 2017?