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Accounting
2,000,000 10,500,000 1,800,00 1,500,00 700,000

2,000,000 10,500,000 1,800,00 1,500,00 700,000

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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Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities 2,800,000 2,000,000 10,500,000 1,800,000 Income tax payable Deferred tax liability Share capital Share premium Retained earnings, January 1 Net sales and other revenue 1,500,000 700,000 2,500,000 3,000,000 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?
Transcribed Image Text:Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities 2,800,000 2,000,000 10,500,000 1,800,000 Income tax payable Deferred tax liability Share capital Share premium Retained earnings, January 1 Net sales and other revenue 1,500,000 700,000 2,500,000 3,000,000 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?
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