An entity provided the following trial balance on June 30, 2020: Cash overdraft (200,000) Accounts receivable, net 700,000 Inventory 1,200,000 Prepaid expenses 200,000 Land held for resale 2,000,000 Property, plant and equipment, net 1,900,000 Accounts payable 700,000 Share capital 3,000,000 Share premium 500,000 Retained earnings 1,600,000 Checks amounting to P600,000 were written to vendors and recorded on June 30 resulting in cash overdraft of P200,000. The checks were mailed on July 9. Land held for resale was sold for cash on July 15. The financial statements were issued on July 31. What total amount should be reported as current assets?

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The hypothetical company XYZ Inc started its operations in 2020. On December 31 2020, it had the following adjusted trial balance:   Account Balance ($) Notes Payable 20,000 Wages Payable 8,000 Additional Paid In Capital 300,000 Common Stock at par value 60,000 A/P 60,000 PP&E (at cost) 110,000 Inventory 62,000 Cash 419,000 Unearned Revenues 10,000 Accumulated Depreciation 10,000 Account Receivables ? Retained Earnings 230,000       During 2021 the following transactions occurred:   A dividend of $20,000 was declared during 2021. These dividends will be paid in 2022. During the year the company performed and delivered services and billed its clients for $900,000. Collections from customers were $800,000. In addition to the transactions described in items 3 above, products were shipped to the customers who paid $10,000 in advance (see December 31, 2020 balances). The selling price was $80,000…