llowing on ber 31, 4,000,000 8,000,000 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 Cash in bank Accounts receivable Allowance for doubtful accounts Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. 2,000,000 What amount should be reported as total current assets on December 31, 2021?

llowing on ber 31, 4,000,000 8,000,000 500,000 2,500,000 500,000 4,500,000 1,000,000 2,500,000 Cash in bank Accounts receivable Allowance for doubtful accounts Notes receivable Note receivable discounted Inventory Prepaid expenses Deferred tax asset Equipment classified as "held for sale" The accounts receivable included sale price of P3.000,000 of unsold goods out on consignment at 125% of cost and excluded from ending inventory. 2,000,000 What amount should be reported as total current assets on December 31, 2021?

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter5: Ethical Responsibilities Of Independent Auditors

Section5.6: Richard Grimes, Staff Accountant

Problem 1Q

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