2 po-1. BALANCE SHEET REPORTING OF LIABILITIESThe following information pertains to Malabon Company as at September30, 2006:a) Notes payable - bank, P3,500b) Accounts payable arising from purchase of goods, P112,500c)Dividends in arrears on preference shares, not yet declared, P25,000d) Share dividends payable, P20,000Income tax payable, P13,400e).Accrued liabilities, P4,200f)g) Mortgage payable, P225,000Customers' deposits, P8,900h)Reserve for contingencies, P25,000i)Based on the above data, what is the total amount of actual liabilities to bereported on the balance sheet of September 30, 2006?P367,500b.c. P437,500d. P376,500a.P297,500

The actual liabilities are due and paid by business to outsiders on future date.

Answered: 1. BALANCE SHEET REPORTING OF…

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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