Reference no: EM132953448
Question - Christine Company reported the following current assets on December 31, 2020: Cash, net of bank overdraft of P200.000 4,300,000 Petty cash fund (unreplenished petty cash expenses P 10,000) 50,000 Accounts receivable 7,500,000 Notes receivable, including discounted note P500.000 3,000,000 Inventory, excluding goods out consignment 4,000,000 Available for sale financial asset 1,500,000 Deferred tax asset 1,200,000 Total current assets 21.550.000 An analysis disclosed that accounts receivable comprised trade accounts of P5,000,000, net of accounts with credit balances P 1,000,000 allowance for doubtful accounts P 500,000 and selling price of P 3,000,000 of goods out on consignment with a markup of 50% on cost. It was also determined that debit balances in suppliers' accounts of P 300,000 were netted from accounts payable. What is the total amount of current assets on December 31, 2020?
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