Compute total current liabilities on December 31, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On December 31, 2021, Sampaguita Company provided the following information:
Accounts Payable, including advances from customers of P50,000 = 450,000
Deferred advertising income = 30,000
Mortgage payable = 2,000,000
Estimated damages payable by reason of breach of contract = 220,000
Claim for increase in wages by employees covered in pending lawsuit = 1,600,000
Share dividend payable = 300,000
Percentage Taxes Payable =16,000
Bonds Payable, due May 2022 = 3,000,000
Discount on Bonds Payable = 60,000
Compute total current liabilities on December 31, 2021.
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