ABC Company has the following liabilities as of December 31, 2018 a. Trade accounts payable, net of debit balance in supplier's account of P5 000, net of unreleased checks of P4 000, and net of postdated checks of P2 000. b. Credit balance in customers' accounts 100 000 2 000 c. Financial liability d. Bonds payable (maturing in 10 equal annual install- ments of P100 000) e. 12%, 5-year note payable issued on October 1, 2018 f. Deferred tax liability g. Unearned rent h. Contingent liability i. Reserve for contingencies 50 000 1 000 000 100 000 5 000 4 000 10 000 25 000 Requirement: How much is the total current liabilities?

ABC Company has the following liabilities as of December 31, 2018 a. Trade accounts payable, net of debit balance in supplier's account of P5 000, net of unreleased checks of P4 000, and net of postdated checks of P2 000. b. Credit balance in customers' accounts 100 000 2 000 c. Financial liability d. Bonds payable (maturing in 10 equal annual install- ments of P100 000) e. 12%, 5-year note payable issued on October 1, 2018 f. Deferred tax liability g. Unearned rent h. Contingent liability i. Reserve for contingencies 50 000 1 000 000 100 000 5 000 4 000 10 000 25 000 Requirement: How much is the total current liabilities?

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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