Reference no: EM132824342

Problem - Gumamela Company provided the following data on December 31, 2016:

Trade accounts payable, including cost of goods received on consignment of P150,000 1,350,000

Accrued taxes payable 125,000

Customers' deposit 100,000

Gumamela Company as guarantor 200,000

Bank overdraft 55,000

Accrued electric and power bills 60,000

Reserve for contingencies 150,000

Required - What total amount should be reported as current liabilities?

a. 1,840,000

b. 1,740,000

c. 1,650,000

d. 1,540,000