1 On December 31, 2021, what total amount should be reported as current iabilities? 14% Notes payable, due 2023 Accrued rent expenses Credit balances of customers' accounts Debit balances in suppliers' accounts Estimated premium liability Mortgage payable Serial bonds payable in semi-annual installment of P200,000 Unearned subscription income 30,000 5,000 11,000 7,000 62,000 100,000 2,000,000 20,000 O A. 498.000 O B. 505.000 C. 198.000 D. 578.000 ) E. NONE OF THEM

1 On December 31, 2021, what total amount should be reported as current iabilities? 14% Notes payable, due 2023 Accrued rent expenses Credit balances of customers' accounts Debit balances in suppliers' accounts Estimated premium liability Mortgage payable Serial bonds payable in semi-annual installment of P200,000 Unearned subscription income 30,000 5,000 11,000 7,000 62,000 100,000 2,000,000 20,000 O A. 498.000 O B. 505.000 C. 198.000 D. 578.000 ) E. NONE OF THEM

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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KKK Inc. provided the following schedule of liabilities on December 31,2021: Accounts payable P6,500,000 Bank note payable – 10% 3,000,000 Bank note payable – 11% 5,000,000 Interest payable 150,000 Mortgage note payable – 10% 2,000,000 Bonds payable 4,000,000 --- The P3,000,000, 10% was issued March 1,2021, payable on demand. Interest is payable every six months. ---The one-year P5,000,000,11% note was issued January 15,2021. On December 31,2021, KKK negotiated written agreement with the bank to replace the note with a 2-year. P5,000,000 note to be issued January 15,2022. ---The 10% mortgage note was issued October 1,2018, with a term of 10 years. Terms of the note give the holder the right to demand immediate payment if the entity fails to make a monthly…
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