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1. Naruto Company has the following accounts included in its December 31,2020, trial balance: Accounts Receivable, P110,000; Inventories, P290,000; Patents, P72,000; Prepaid Insurance, P9,500; Cash

1. Naruto Company has the following accounts included in its December 31,2020, trial balance: Accounts Receivable, P110,000; Inventories, P290,000; Patents, P72,000; Prepaid Insurance, P9,500; Cash , P27,000; Accounts Payable, P77,000. What is the total amount of the Asset section of the Statement of Financial Position of Naruto Company?

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