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An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is presented below:   Accounts Payable P25,000 Unearned Rent Income 29,000 Ordinary Share Capital, P100 par 1,000,000 Salaries Payable 250,000 Mortgage Payable (including P200,000 due in six months ) 1,200,000 Notes Payable, 10% (Due Jan. 1, 2026) 1,500,000 Share Premium - Ordinary 250,000 Preference Share Capital, P200 par 450,000 Premium on Notes Payable 25,000 Profit and Loss Summary, credit balance 500,000 Retained Earnings, Jan. 1, 2021 550,000 Accrued Expenses 33,000   How much was Jay Company's total current liabilities at December 31, 2021?

An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is presented below:   Accounts Payable P25,000 Unearned Rent Income 29,000 Ordinary Share Capital, P100 par 1,000,000 Salaries Payable 250,000 Mortgage Payable (including P200,000 due in six months ) 1,200,000 Notes Payable, 10% (Due Jan. 1, 2026) 1,500,000 Share Premium - Ordinary 250,000 Preference Share Capital, P200 par 450,000 Premium on Notes Payable 25,000 Profit and Loss Summary, credit balance 500,000 Retained Earnings, Jan. 1, 2021 550,000 Accrued Expenses 33,000   How much was Jay Company's total current liabilities at December 31, 2021?

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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An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is presented below:

 

Accounts Payable

P25,000

Unearned Rent Income

29,000

Ordinary Share Capital, P100 par

1,000,000

Salaries Payable

250,000

Mortgage Payable (including P200,000 due in six months )

1,200,000

Notes Payable, 10% (Due Jan. 1, 2026)

1,500,000

Share Premium - Ordinary

250,000

Preference Share Capital, P200 par

450,000

Premium on Notes Payable

25,000

Profit and Loss Summary, credit balance

500,000

Retained Earnings, Jan. 1, 2021

550,000

Accrued Expenses

33,000

 

  1. How much was Jay Company's total current liabilities at December 31, 2021?
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