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The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets: Cash P 96,578 Accounts receivable 452,800 Inventories 376,300 P925,678

The balance sheet of RS Corp. as at December 31, 1979 contained the following current assets:

Cash

P 96,578

Accounts receivable

452,800

Inventories

376,300

P925,678

An examination of the accounts disclosed that the accounts receivable consisted of the following items:

Trade customers accounts

P357,742

Due from employees current

43,658

Equity in P50,000 of uncollected accounts receivable assigned under guaranty

16,000

Selling price of merchandise on consignment at 140% of cost and not sold by consignee

50,400

Allowance for doubtful accounts

(15,000)

P452,800

What should be the adjusted amount of the current assets as at December 31, 1979?

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