Chapter 1 – Provisions, Accounts Payable Stock Dividends Payable Withholding Tax Payable ssS Premiums Payable Philhealth Premiums Payable Pag-ibig Contributions Payable 270,000 200,000 120,000 45,000 22,000 18,000 MC Mortgage note was refinanced on its due date, February 15, 5-year mortgage note after paying Supplemental information: The refinancing There was a. new P300,000 cash on the principal balance. scheme was planned long before its due date. no unpaid interest as of December 31, 2020. 2021 with a The bank notes are payable in semi-annual installments os P50,000 on February 1 and August1 of each year. Unpaid interest as of December 31, 2020 of P7,500 has not been taken up. This was paid on January 5, 2021. b. suit was filed by a dismissed On August 1, 2020, a employee against the company asking for Pl,000,000 damages. The company's lawyer believes it is probable that the suit will result in a loss to the company, ranging from P600,000 to P900,000, with each point in considered to be equally likely. С. the range, The sales account included the 12% VAT corresponding to the last quarter sales of P2,688,000 (inclusive of VAT). This was remitted to the BIR on January 20, 2021. d. The entity's share of the SSS, Philhealth and Pag-ibig are as e. follows: SSS P50,000 28,000 20,000 Philhealth Pag-ibig Total income tax due for 2020 amounted to P865,000. Quarterly remittances to BIR during the year for income tax totaled to P550,000. The balance due as of December 31. 2020 has not been taken up in the books. f. REQUIRED: Compute the total current liabilities presented on the December 31, 2020 statement of financial position.
Chapter 1 – Provisions, Accounts Payable Stock Dividends Payable Withholding Tax Payable ssS Premiums Payable Philhealth Premiums Payable Pag-ibig Contributions Payable 270,000 200,000 120,000 45,000 22,000 18,000 MC Mortgage note was refinanced on its due date, February 15, 5-year mortgage note after paying Supplemental information: The refinancing There was a. new P300,000 cash on the principal balance. scheme was planned long before its due date. no unpaid interest as of December 31, 2020. 2021 with a The bank notes are payable in semi-annual installments os P50,000 on February 1 and August1 of each year. Unpaid interest as of December 31, 2020 of P7,500 has not been taken up. This was paid on January 5, 2021. b. suit was filed by a dismissed On August 1, 2020, a employee against the company asking for Pl,000,000 damages. The company's lawyer believes it is probable that the suit will result in a loss to the company, ranging from P600,000 to P900,000, with each point in considered to be equally likely. С. the range, The sales account included the 12% VAT corresponding to the last quarter sales of P2,688,000 (inclusive of VAT). This was remitted to the BIR on January 20, 2021. d. The entity's share of the SSS, Philhealth and Pag-ibig are as e. follows: SSS P50,000 28,000 20,000 Philhealth Pag-ibig Total income tax due for 2020 amounted to P865,000. Quarterly remittances to BIR during the year for income tax totaled to P550,000. The balance due as of December 31. 2020 has not been taken up in the books. f. REQUIRED: Compute the total current liabilities presented on the December 31, 2020 statement of financial position.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Llon.
COmpu
Containers at December 31, 2020.
ly when
piration
iration,
The Grant Publication sells magazine subscriptions for one to
three-year periods. Information relating to sales and expiration
are as follows:
1-16.
2020
2019
2018
2017
ata for
P7,000,000
Subscription
P5,500,000
P5,000,000
P4,500,000
sold
Expiring in
2017
P1,000,000
2,800,000
1,200,000
sold
P1,200,000
2,000,000
1,300,000
P1,800,000
2,400,000
1,300,000
2018
P2,000,000
2,800,000
2,200,000
d gift
2019
2020
2021
2022
REQUIRED:
What is the balance of Unearned Subscriptions Revenue at
January 1, 2019?
(a)
Prepare the entries to record the receipt of the subscriptions
and the revenue from magazine subscriptions for years 2019
and 2020.
(b)
of
What is the balance of the Unearned Subscriptions Revenue
at December 31, 2019 and at December 31, 2020?
(c)
and
supplemental
account
balances
information were taken from the accounting records of Coolidge
Company as of December 31, 2020:
selected
1-17. Following
P9,675,000
1,300,000
300,000
Sales
Mortgage Note Payable
Bank Notes Payable
45
Since the law oniy speaKS U Pr
the partners may acquire by the
work, profits acquired pure
this Kina
become the common property of all the
ers:
Transcribed Image Text:270,000
200,000
120,000
45,000
22,000
18,000
Chapter 1 – Provisions, Contingencies and Ot
Accounts Payable
Stock Dividends Payable
Withholding Tax Payable
SSS Premiums Payable
Philhealth Premiums Payable
Pag-ibig Contributions Payable
MC1
Supplemental information:
note after paying
a.
new 5-year mortgage
2021 with
There was
scheme was planned long before its due date.
no unpaid interest as of December 31, 2020.
МС
The bank notes are payable in semi-annual installments s
P50,000 on February 1 and August 1 of each year. Unpaid
interest as of December 31, 2020 of P7,500 has not been
taken up. This was paid on January 5, 2021.
b.
On August 1, 2020, a suit was filed by a dismissed
employee against the company asking for P1,000,000
damages. The company's lawyer believes it is probable that
the suit will result in a loss to the company, ranging from
P600,000 to P900,000, with each point in the
considered to be equally likely.
С.
range,
The sales account included the 12% VAT corresponding to
the last quarter sales of P2,688,000 (inclusive of VAT). This
was remitted to the BIR on January 20, 2021.
d.
The entity's share of the SSS, Philhealth and Pag-ibig are as
follows:
e.
SSS
P50,000
28,000
20,000
Philhealth
Pag-ibig
f.
Total income tax du
Quarterly remittances to BIR during the year for income tax
totaled to P550,000. The balance due as of December 31.
2020 has not been taken up in the books.
for 2020 amounted to P865,000.
REQUIRED:
Compute the total current liabilities presented on the December 31,
2020 statement of financial position.
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