Reference no: EM132799807

Question - GALLERY Company provided the following data at year-end

Inventory 1,900,000

Prepaid expenses 100,000

Accounts payable, net of debit balance of P50, 000 2,450,000

Interest payable 150,000

Income tax payable 300,000

Cash 2, 000, 000

Accounts receivable 3,000,000

Money claim of the union pending final decision 500, 000

Mortgage payable, due in four annual installments 2,000,000

Analysis of cash:

Cash in bank 1,650,000

Customer checked marked NSF 100, 000

Employee IOU 50, 000

Deposit with court for case under litigation 200, 000

Total cash 2, 000, 000

Analysis of accounts receivable:

Customers' debit balances 1,600,000

Advances to subsidiary 400,000

Advances to suppliers 200,000

Advances to officers due currently 300,000

Allowance for doubtful account (100,000)

Selling price of merchandise invoiced at 120% of cost, undelivered and excluded from inventory 600,000

Total account receivable 3,000,000

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