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ABC Company provided the following information on December 31, 2020: Note payable Trade 3,000,000 Bank loan 2,000,000 Advances from officers 500,000 Accounts Payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000

ABC Company provided the following information on December 31, 2020: Note payable Trade 3,000,000 Bank loan 2,000,000 Advances from officers 500,000 Accounts Payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000

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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ABC Company provided the following information on December 31, 2020: Note payable Trade 3,000,000 Bank loan 2,000,000 Advances from officers 500,000 Accounts Payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000 Estimated damages payable by reason of breach of contract 700,000 Accrued liabilities 900,000 Estimated premium liability 200,000 Claim for increase in wages by employees covered in a pending lawsuit 3,500,000 Contract entered into for the construction of a building 5,000,000
Transcribed Image Text:ABC Company provided the following information on December 31, 2020: Note payable Trade 3,000,000 Bank loan 2,000,000 Advances from officers 500,000 Accounts Payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000 Estimated damages payable by reason of breach of contract 700,000 Accrued liabilities 900,000 Estimated premium liability 200,000 Claim for increase in wages by employees covered in a pending lawsuit 3,500,000 Contract entered into for the construction of a building 5,000,000
Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000 Estimated damages payable by reason of breach of contract 700,000 Accrued liabilities 900,000 Estimated premium liability 200,000 Claim for increase in wages by employees covered in a pending lawsuit 3,500,000 Contract entered into for the construction of a building 5,000,000 What is the total current liabilities on December 31, 2020? O 13,100,000 O 13,800,000 O 14,100,000 O 18,100,000 None of these
Transcribed Image Text:Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000 Estimated damages payable by reason of breach of contract 700,000 Accrued liabilities 900,000 Estimated premium liability 200,000 Claim for increase in wages by employees covered in a pending lawsuit 3,500,000 Contract entered into for the construction of a building 5,000,000 What is the total current liabilities on December 31, 2020? O 13,100,000 O 13,800,000 O 14,100,000 O 18,100,000 None of these
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