Question 3 6 pts The following information pertains to A Enterprise, a calendar-year sole proprietorship engaged in retail, which maintained its books on the cash basis during the year. A's trial balance as of December 31, 2021 is as follows: DEBIT CREDIT Cash 204,800 Accounts Receivable, 12/31/2020 81,000 Inventory, 12/31/2020 310,000 Furniture and Fixtures 1,418,400 Machinery 300,000 Accumulated Depreciation, 12/31/2020 259,200 Accounts Payable, 12/31/2020 170,000 Capital, 12/31/2020 1,190,140 Sales 4,701,600 Purchases 2,684,880 Salaries 835,200 Payroll taxes 24,800 Insurance 41,760 Rent 164,100 Utilities 126.000 Living expenses 130,000 Total 6,320,940 6,320,940 A has developed plans to extend into wholesale and is in the process of negotiating a bank loan to finance the expansion. The bank is requesting 2021 financial statements prepared on the accrual basis of accounting. The following additional information were provided: Amounts due from customers totaled P140,800 at December 31, 2021. An analysis of the above receivables revealed that an allowance for credit losses of P18,240 should be provided. Unpaid invoices for inventory purchases totaled P152,500 at December 31, 2021. The inventory totaled P436,800 based on a physical count of the goods at December 31, 2021. The inventory was priced at cost, which approximates market value. A has an outstanding operating lease for which the entity paid an advance one year rent of P144,000 on October 1, 2020. On October 1, 2021, the lease was renewed for an amount of P164,100. . On April 1, 2021, A paid P41,760 to renew its comprehensive insurance coverage for 1 year. The premium on the previous policy, which expired on March 31, 2021, was P49,920. . On May 1, 2021, A bought machinery at a cost of P300,000 and have an estimated useful life of 20 years. No provision for depreciation or amortization has been recorded. Depreciation on furniture and fixtures was P81,600 for 2021. Accrued expenses at December 31, 2020 and 2021, were as follows: 2020 2021 Utilities 6,480 8.400 Payroll taxes 6,160 8,320 Total 12,640 16,720 A is being sued for P640,000. A's attorney believes that an unfavorable outcome is probable and that a reasonable estimate of the settlement is P600,000. The salaries expense account includes P20,000 per month paid to the proprietor, who also receives P2,500 per week for living expenses. Based on the information above, determine the amount of the following as of December 31, 2021, under the accrual basis: 1) Total current assets 2) Total noncurrent assets 3) Total liabilities 4) Net income (loss) if loss, enclose in "O)" or add a "-" sign Question 3 6 pts The following information pertains to A Enterprise, a calendar-year sole proprietorship engaged in retail, which maintained its books on the cash basis during the year. A's trial balance as of December 31, 2021 is as follows: DEBIT CREDIT Cash 204,800 Accounts Receivable, 12/31/2020 81,000 Inventory, 12/31/2020 310,000 Furniture and Fixtures 1,418,400 Machinery 300,000 Accumulated Depreciation, 12/31/2020 259,200 Accounts Payable, 12/31/2020 170,000 Capital, 12/31/2020 1,190,140 Sales 4,701,600 Purchases 2,684,880 Salaries 835,200 Payroll taxes 24,800 Insurance 41,760 Rent 164,100 Utilities 126.000 Living expenses 130,000 Total 6,320,940 6,320,940 A has developed plans to extend into wholesale and is in the process of negotiating a bank loan to finance the expansion. The bank is requesting 2021 financial statements prepared on the accrual basis of accounting. The following additional information were provided: Amounts due from customers totaled P140,800 at December 31, 2021. An analysis of the above receivables revealed that an allowance for credit losses of P18,240 should be provided. Unpaid invoices for inventory purchases totaled P152,500 at December 31, 2021. The inventory totaled P436,800 based on a physical count of the goods at December 31, 2021. The inventory was priced at cost, which approximates market value. A has an outstanding operating lease for which the entity paid an advance one year rent of P144,000 on October 1, 2020. On October 1, 2021, the lease was renewed for an amount of P164,100. . On April 1, 2021, A paid P41,760 to renew its comprehensive insurance coverage for 1 year. The premium on the previous policy, which expired on March 31, 2021, was P49,920. . On May 1, 2021, A bought machinery at a cost of P300,000 and have an estimated useful life of 20 years. No provision for depreciation or amortization has been recorded. Depreciation on furniture and fixtures was P81,600 for 2021. Accrued expenses at December 31, 2020 and 2021, were as follows: 2020 2021 Utilities 6,480 8.400 Payroll taxes 6,160 8,320 Total 12,640 16,720 A is being sued for P640,000. A's attorney believes that an unfavorable outcome is probable and that a reasonable estimate of the settlement is P600,000. The salaries expense account includes P20,000 per month paid to the proprietor, who also receives P2,500 per week for living expenses. Based on the information above, determine the amount of the following as of December 31, 2021, under the accrual basis: 1) Total current assets 2) Total noncurrent assets 3) Total liabilities 4) Net income (loss) if loss, enclose in "O)" or add a "-" sign