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An analysis of Cool Company's liabilities disclosed the following: Accounts payable, after deducting debit balances in Suppliers' accounts amounting to P22,500 (accounts payable Included non-trade liabilities of P32,500) Accrued expenses Credit balances of customers' accounts P 105,000 15,000 13,500 Stock dividends payable Claims for increase in wages and allowances by employees Of the company, covered in pending lawsuit Estimated liabilities for premiums 70,000 125,000 60,000 How much should be presented as total current liabilities in the statement of financial position?

An analysis of Cool Company's liabilities disclosed the following: Accounts payable, after deducting debit balances in Suppliers' accounts amounting to P22,500 (accounts payable Included non-trade liabilities of P32,500) Accrued expenses Credit balances of customers' accounts P 105,000 15,000 13,500 Stock dividends payable Claims for increase in wages and allowances by employees Of the company, covered in pending lawsuit Estimated liabilities for premiums 70,000 125,000 60,000 How much should be presented as total current liabilities in the statement of financial position?

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 analysis of Cool Company's liabilities disclosed the following: Accounts payable, after deducting debit balances in Suppliers' accounts amounting to P22,500 (accounts payable Included non-trade liabilities of P32,500) Accrued expenses P 105,000 15,000 Credit balances of customers' accounts 13,500 Stock dividends payable Claims for increase in wages and allowances by employees Of the company, covered in pending lawsuit Estimated liabilities for premiums 70,000 125,000 60,000 How much should be presented as total current liabilities in the statement of financial position?
Transcribed Image Text:An analysis of Cool Company's liabilities disclosed the following: Accounts payable, after deducting debit balances in Suppliers' accounts amounting to P22,500 (accounts payable Included non-trade liabilities of P32,500) Accrued expenses P 105,000 15,000 Credit balances of customers' accounts 13,500 Stock dividends payable Claims for increase in wages and allowances by employees Of the company, covered in pending lawsuit Estimated liabilities for premiums 70,000 125,000 60,000 How much should be presented as total current liabilities in the statement of financial position?
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