Current Assets and Current Liabilities

The accounts below were taken from the unadjusted trial balance of Deco Company as of December 31, 20X1:

Cash	P124,000
Trading securities, at cost	87,000
Notes receivable	92,000
Trade accounts receivable	122,000
Allowance for doubtful accounts	6,000
Merchandise inventory	136,000
Notes payable	150,000
Trade accounts payable	75,000
Employees' income tax withheld	4,000
Bonds payable	250,000
Stock dividends payable	15,000
Income tax payable	28,000

An analysis of the above accounts disclosed the following: 1. Bank overdraft of P13,000 was deducted from cash balance. 2. Trade accounts receivable was net of customers deposit of P7,000. 3. Merchandise worth P15,000 received December 30, 20X1 was included in the inventory but was not recorded as a purchase. 4. Accounts payable was net of accounts with debit balance of P12,000. 5. A bank loan of P30,000 due December 31, 20X3 was included in the notes payable balance. 6. Bonds payable which was issued in 20X1 will mature in five annual instalments beginning June 1, 20x2. 7. Trading securities have a fair market value of P90,000.

Required:

1. Based on the foregoing facts, how much total current assets should be reported on the statement of financial position as of December 31, 20X1? 2. How much total current liabilities should be reported on the statement of financial position as of December 31, 20X1?

Journal entries and solutions should be in good accounting form with correct explanations (ie To record purchase of equipment). All amounts should be captioned, no abbreviations.