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2. Proud Co.'s records on Dec. 31, 20x1 show the following account balances: Trade accounts payable (net of P10,000 debit balance in supplier's account and P8,000 unreleased checks drawn) Deferred tax liability (expected to reverse in 20x2) 10%, 4-year note payable issued on Aug. 1, 20x1 600,000 10,000 240,000

2. Proud Co.'s records on Dec. 31, 20x1 show the following account balances: Trade accounts payable (net of P10,000 debit balance in supplier's account and P8,000 unreleased checks drawn) Deferred tax liability (expected to reverse in 20x2) 10%, 4-year note payable issued on Aug. 1, 20x1 600,000 10,000 240,000

FINANCIAL ACCOUNTING
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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2. Proud Co.'s records on Dec. 31, 20x1 show the following account balances: Trade accounts payable (net of P10,000 debit balance in suppliers account and P8,000 unreleased checks drawn) Deferred tax liability (expected to reverse in 20x2) 10%, 4-year note payable issued on Aug. 1, 20x1 600,000 10,000 240,000
Transcribed Image Text:2. Proud Co.'s records on Dec. 31, 20x1 show the following account balances: Trade accounts payable (net of P10,000 debit balance in suppliers account and P8,000 unreleased checks drawn) Deferred tax liability (expected to reverse in 20x2) 10%, 4-year note payable issued on Aug. 1, 20x1 600,000 10,000 240,000
Bonds payable (maturing in 5 equal annual installments of P400,000) 2,000,000 Reserve for contingencies Held for trading financial liabilities Income tax payable Accrued expenses Stock dividends payable 50,000 100,000 100,000 10,000 24,000 How much is the total current liabilities? a. 1,120,000 b. 1,210,000 c. 1,220,000 d. 1,238,000
Transcribed Image Text:Bonds payable (maturing in 5 equal annual installments of P400,000) 2,000,000 Reserve for contingencies Held for trading financial liabilities Income tax payable Accrued expenses Stock dividends payable 50,000 100,000 100,000 10,000 24,000 How much is the total current liabilities? a. 1,120,000 b. 1,210,000 c. 1,220,000 d. 1,238,000
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