Reference no: EM132756760
On December 31, 2019, the "Receivable" account of Nad Company shows an amortized cost of P1,950,000. Subsidiary details show the following:
Trade accounts receivable, P775,000;
Trade notes receivable, P100,000;
installment receivable, normally due one (1) year to two (2) years, P300,000;
Customer' accounts reporting credit balances arising from sales returns P30,000;
Advance payments for purchase of merchandise, P150,000;
Customers' accounts reporting credit balances arising from advance payment, P20,000;
Cash advances to subsidiary, P400,000,
Claims from insurance company, P15,000;
Subscription receivable due in 60 days, P350,000;
Accrued interest receivable, P10,000.
Problem 1: How much should be presented as "trade and other receivables" under current assets?
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