Kokey Company provided the following data on December 31, 2020 (see attached photo). What amount should be reported as total current assets on December 31, 2020?

P5,000,000 50,000 Cash in bank, net of bank overdraft of P500,000 Petty cash fund (unreplenished petty cash expenses, P10,000) Trade notes receivable, including discounted note of P1,000,000 accounted for as conditional sale Accounts receivable, net of accounts with credit balances of P1,500,000 Inventory Bond sinking fund Deferred charges Accounts payable, net of accounts with debit balances of P1,000,000 Trade notes payable Bonds payable due on June 30, 2021 Accrued expenses 4,000,000 6,000,000 3,000,000 2,000,000 250,000 7,000,000 4,000,000 2,000,000 500,000 X Kokey Company provided the 0/3 following data on December 31, 2020 (see attached photo). What amount should be reported as total current assets on December 31, 2020? * 5,000,000 50,000 Cash in bank, net of bank overdraft of P500,000 Petty cash fund (unreplenished petty cash expenses, P10,000) Trade notes receivable, including discounted note of $1,000,000 accounted for as conditional sale Accounts receivable, net of accounts with credit balances of $1,500,000 Inventory Bond sinking fund Deferred charges Accounts payable, net of accounts with debit balances of P1,000,000 Trade notes payable Bonds payable due on June 30, 2021 Accrued expenses 4,000,000 6,000,000 3,000,000 2,000,000 250,000 7,000,000 4,000,000 2,000,000 500,000 P20,040,000 22,040,000 +20,050,000 22,290,000 Correct answer P22,040,000