BT21 Corp provided the following information on December 31, 2021: Cash in bank, net of bank overdraft P12,500 125,000 Petty cash, unreplenished petty cash expenses P250 Notes receivable Accounts receivable, net of customers' accounts with credit balances P37,500 Inventory Bond sinking fund 1,250 100,000 150,000 75,000 75,000 526,250 Total current assets Accounts payable, net of suppliers' accounts with debit balances P25,000 Notes payable Bonds payable due June 30, 2022 Accrued expenses 175,000 100,000 75,000 50,000 Total current liabilities 400,000 What amount should be reported as total current liabilities on December 31, 2021?
BT21 Corp provided the following information on December 31, 2021: Cash in bank, net of bank overdraft P12,500 125,000 Petty cash, unreplenished petty cash expenses P250 Notes receivable Accounts receivable, net of customers' accounts with credit balances P37,500 Inventory Bond sinking fund 1,250 100,000 150,000 75,000 75,000 526,250 Total current assets Accounts payable, net of suppliers' accounts with debit balances P25,000 Notes payable Bonds payable due June 30, 2022 Accrued expenses 175,000 100,000 75,000 50,000 Total current liabilities 400,000 What amount should be reported as total current liabilities on December 31, 2021?
Chapter1: Financial Statements And Business Decisions
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What amount should be reported as total current liabilities on December 31, 2021?
Transcribed Image Text:BT21 Corp provided the following information on December 31, 2021:
Cash in bank, net of bank overdraft P12,500
125,000
1,250
Petty cash, unreplenished petty cash expenses P250
Notes receivable
100,000
Accounts receivable, net of customers' accounts with credit balances P37,500
Inventory
Bond sinking fund
150,000
75,000
75,000
526,250
Total current assets
Accounts payable, net of suppliers' accounts with debit balances P25,000
Notes payable
Bonds payable due June 30, 2022
Accrued expenses
175,000
100,000
75,000
50,000
Total current liabilities
400,000
What amount should be reported as total current liabilities on December 31, 2021?
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