PROBLEM 1ABC has the following information on December 31, 2019.Accounts payable (net of 20,000 debit balance in creditors account) P640,000; Notes payable(including note payable to bank on December 31, 2021 of P1,000,000) P1,500,000; Salaries PayableP800,000; SSS Payable P30,000; Pag-ibig payable P5,000; Medicare Payable P15,000; Withholdingtax payable P60,000; VAT payable P120,000; Customers' accounts with credit balance P50,000; Stockdividends payable P800,000; Serial bonds (payable in semiannual installments of P1,000,000)P10,000,000; Accrued Interest on bonds payable P300,000; Estimated Warranty Payable P420,000;Estimated liability for environmental damages P50,000; Unearned rent income P100,000; Cashadvances from shareholders P200,000.REQUIREMENT: Compute for the current liabilities for 2019

Name: PROBLEM 1ABC has the following information on December 31, 2019.Accou
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Description: PROBLEM 1ABC has the following information on December 31, 2019.Accounts payable (net of 20,000 debit balance in creditors account) P640,000; Notes payable(including note payable to bank on December 31, 2021 of P1,000,000) P1,500,000; Salaries Payab

Computation of actual accounts payable Actual Accounts Payable = Net of Accounts Payable + Debit…

Answered: Compute for the current liabilities for…

Business

Accounting

Compute for the current liabilities for 2019

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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