Entity A has the following liabilities as of December 31, 2021. a. Trade accounts payable, net of debit balance in supplier's account of P10,000, net of unreleased checks of P8,000, and net of postdated checks of P4,000 P600,000 b. Credit balance in customers’ accounts 4,000 c. Financial liability designated at FVPL 100,000 d. Bonds payable maturing in 10 equal annual installments of P200,000 2,000,000 e. 12%, 5-year note payable issued on Oct. 1, 20x1 200,000 f. Deferred tax liability 10,000 g. Unearned rent 8,000 h. Contingent liability 20,000 i. Reserve for contingencies 50,000 j. Income taxes withheld from employees 50,000 k. Cash in bank at Siniloan Bank 352,000 l. Cash overdraft at Famy Bank 60,000 m. Estimated premium claims outstanding 70,000 n. Claims for increase in wages covered in a pending lawsuit 190,000 Requirement: How much is the total current liabilities? a. 2,430,000 c. 968,000 b. 1,120,000 d. 940,000
Entity A has the following liabilities as of December 31, 2021.
a. Trade accounts payable, net of debit balance in
supplier's account of P10,000, net of unreleased
checks of P8,000, and net of postdated checks
of P4,000 P600,000
b. Credit balance in customers’ accounts 4,000
c. Financial liability designated at FVPL 100,000
d. Bonds payable maturing in 10 equal annual
installments of P200,000 2,000,000
e. 12%, 5-year note payable issued on Oct. 1, 20x1 200,000
f.
g. Unearned rent 8,000
h.
i. Reserve for contingencies 50,000
j. Income taxes withheld from employees 50,000
k. Cash in bank at Siniloan Bank 352,000
l. Cash overdraft at Famy Bank 60,000
m. Estimated premium claims outstanding 70,000
n. Claims for increase in wages covered in a pending lawsuit 190,000
Requirement: How much is the total current liabilities?
a. 2,430,000 c. 968,000
b. 1,120,000 d. 940,000
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