What is the amount of total current liabilities? Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for incometax expense:Cash600,000Accounts receivableInventoryProperty, plant and equipment (net)Accounts payable and accrued liabilities2,800,0002,000,00010,500,0001,800,000Income tax payableDeferred tax liabilityShare capitalShare premiumRetained earnings, January 1Net sales and other revenue1,500,000700,0002,500,0003,000,0003,500,00015,000,000Costs and expenses10,000,0002,100,00028,000,000Income tax expense28,000,000The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000.The last payment is due December 30, 2021.During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%.On December 31, 2019, what amount should be reported as:8. Total current liabilities?

Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 2,800,000 2,000,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability 10,500,000 1,800,000 1,500,000 700,000 2,500,000 3,000,000 Share capital Share premium Retained earnings, January 1 Net sales and other revenue 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. Total current liabilities?

Bell Company provided the following trial balance on December 31, 2019 which had been adjusted except for income tax expense: Cash 600,000 2,800,000 2,000,000 Accounts receivable Inventory Property, plant and equipment (net) Accounts payable and accrued liabilities Income tax payable Deferred tax liability 10,500,000 1,800,000 1,500,000 700,000 2,500,000 3,000,000 Share capital Share premium Retained earnings, January 1 Net sales and other revenue 3,500,000 15,000,000 Costs and expenses 10,000,000 2,100,000 28,000,000 Income tax expense 28,000,000 The accounts receivable included P1,000,000 due from a customer and payable in quarterly installments of P125,000. The last payment is due December 30, 2021. During the year, estimated tax payment of P600,000 was charged to income tax expense. The income tax rate is 30%. On December 31, 2019, what amount should be reported as: 8. 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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