Reference no: EM133130300

Question 1 - The related data of Frost Company:

Cost of goods sold P1,757,900

Dividends income 57,600

Gain on change in fair value of financial assets - FVOCI 97,500

Income from discontinued operations 50,000

Income tax expense 216,660

Interest expense 68,000

Interest income 18,000

Loss on change in fair value of financial assets - FVPL 65,000

Net remeasurement loss 70,000

Sales 3,567,500

Sales discount 49,000

Sales returns and allowances 37,200

Selling and administrative expenses 580,700

How much is the net income?

Question 2 - The related data of Amaya Company are as follows:

Accounts payable P125,000

Accrued liabilities 38,900

Cash 98,700

Intangible assets 300,000

Inventory 185,900

Long-term investments 380,000

Long-term liabilities 278,000

Marketable securities 70,000

Notes payable (short-term) 25,000

Prepaid expenses 10,000

Property and equipment 425,000

Trade receivable 175,600

What is the amount of the total current assets?