An analysis of TANG Co.'s liabilities on December 31, 2020 disclosed the followinginformation:Accounts payable, after deducting debit balance insuppliers' account amounting to P100,000 andpostdated checks or P50,000Bonds PayablePremium on Bonds PayableMortgage PayableShare Dividend PayableCredit Customers' accounts4,000,0001,000,000100,000850,000750,000500,000Premium payableDeferred tax liabilityDeferred revenueAccrued Expenses600,000200,000175,000150,000The deferred tax liability is based on temporary differences that will reverse in 2023.Compute the total amount of current liabilities in the statement of financial position.

A statement of financial position can be defined as a statement that provides a summary of the…

An analysis of TANG Co.'s liabilities on December 31, 2020 disclosed the following information: Accounts payable, after deducting debit balance in suppliers' account amounting to P100,000 and postdated checks or P50,000 Bonds Payable Premium on Bonds Payable Mortgage Payable Share Dividend Payable 4,000,000 1,000,000 100,000 850,000 750,000 Credit Customers' accounts Premium payable Deferred tax liability Deferred revenue Accrued Expenses 500,000 600,000 200,000 175,000 150,000 The deferred tax liability is based on temporary differences that will reverse in 2023. Compute the total amount of current liabilities in the statement of financial position,

An analysis of TANG Co.'s liabilities on December 31, 2020 disclosed the following information: Accounts payable, after deducting debit balance in suppliers' account amounting to P100,000 and postdated checks or P50,000 Bonds Payable Premium on Bonds Payable Mortgage Payable Share Dividend Payable 4,000,000 1,000,000 100,000 850,000 750,000 Credit Customers' accounts Premium payable Deferred tax liability Deferred revenue Accrued Expenses 500,000 600,000 200,000 175,000 150,000 The deferred tax liability is based on temporary differences that will reverse in 2023. Compute the total amount of current liabilities in the statement of financial position,

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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Question

An analysis of TANG Co.'s liabilities on December 31, 2020 disclosed the following
information:
Accounts payable, after deducting debit balance in
suppliers' account amounting to P100,000 and
postdated checks or P50,000
Bonds Payable
Premium on Bonds Payable
Mortgage Payable
Share Dividend Payable
Credit Customers' accounts
4,000,000
1,000,000
100,000
850,000
750,000
500,000
Premium payable
Deferred tax liability
Deferred revenue
Accrued Expenses
600,000
200,000
175,000
150,000
The deferred tax liability is based on temporary differences that will reverse in 2023.
Compute the total amount of current liabilities in the statement of financial position.

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