Reference no: EM132834077
Question - The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020:
Cash and Cash Equivalents - 400,000;
Trade and other receivables - 2,000,000;
Subscription receivable - 375,000;
Inventory - 500,000;
Trade and other payables - 670,000;
Income tax payable - 196,500.
Additional information:
a) Trade and other receivables include long term advances to company officers amounting to P430,000.
b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000.
c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares.
Required -
A. What is the amount of total current assets at December 31, 2020?
B. What is the amount of total current liabilities at December 31, 2020?
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