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current liabilities

current liabilities

FINANCIAL ACCOUNTING
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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CHOICES

a. P 4,068,200
b. P 4,083,200
c. P 4,163,200
d. P 4,868,200

In its Dec. 31, 2020 statement of financial position, how much current liabilities should be reported? * On December 31, 2021, Andale Company provided the following information: Accounts payable, after deducting debit balances in suppliers' account amounting to P 30,250 Advances from management officers Deposits and advances from customers (including refundable 1,230,000.00 102,000.00 advances from customer resulted to orders cancellation of P 15,000) Notes payable, including note payable to bank due on Dec. 31, 2023 of P 600,000 250,000.00 1,400,000.00 13,500.00 120,000.00 Credit balances in customers' accounts Bank overdraft Income tax payable Withholding tax payable Estimated warranty liability Estimated premium liability 500,000.00 115,600.00 300,000.00 45,500.00 Mortgage payable Cash dividends payable 5,800,000.00 421,000.00 750,000.00 170,000.00 100,000.00 235,000.00 360,000.00 55,350.00 Stock dividends payable Claims for increase in wages by employees covered in a pending lawsuit Unearned rent income Deferred tax liability Contested BIR tax assessment - possible obligation Other accrued expenses Serial bonds payable, issued at face amount and 12% interest, payable semiannual installment of P 400,000 due May 1 and November 1 of each year, the last bond to be paid on November 1, 2027 Interest is also payable semiannually 4,000,000.00
Transcribed Image Text:In its Dec. 31, 2020 statement of financial position, how much current liabilities should be reported? * On December 31, 2021, Andale Company provided the following information: Accounts payable, after deducting debit balances in suppliers' account amounting to P 30,250 Advances from management officers Deposits and advances from customers (including refundable 1,230,000.00 102,000.00 advances from customer resulted to orders cancellation of P 15,000) Notes payable, including note payable to bank due on Dec. 31, 2023 of P 600,000 250,000.00 1,400,000.00 13,500.00 120,000.00 Credit balances in customers' accounts Bank overdraft Income tax payable Withholding tax payable Estimated warranty liability Estimated premium liability 500,000.00 115,600.00 300,000.00 45,500.00 Mortgage payable Cash dividends payable 5,800,000.00 421,000.00 750,000.00 170,000.00 100,000.00 235,000.00 360,000.00 55,350.00 Stock dividends payable Claims for increase in wages by employees covered in a pending lawsuit Unearned rent income Deferred tax liability Contested BIR tax assessment - possible obligation Other accrued expenses Serial bonds payable, issued at face amount and 12% interest, payable semiannual installment of P 400,000 due May 1 and November 1 of each year, the last bond to be paid on November 1, 2027 Interest is also payable semiannually 4,000,000.00
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