Equipment... Salaries expense Consulting revenue Cash Utilities expense.. Note payable $12,000 9,000 36,000 24,000 600 7,200 Accounts receivable.. V. Rivera, Withdrawals Office supplies. Rental revenue. Advertising expense.. Prepaid Insurance.. $10,500 6,000 4,500 1,500 1,200 3,000 Accounts payable.. Note receivable Rent expense.. Unearned revenue. $3,900 7,500 6,000 900

Equipment... Salaries expense Consulting revenue Cash Utilities expense.. Note payable $12,000 9,000 36,000 24,000 600 7,200 Accounts receivable.. V. Rivera, Withdrawals Office supplies. Rental revenue. Advertising expense.. Prepaid Insurance.. $10,500 6,000 4,500 1,500 1,200 3,000 Accounts payable.. Note receivable Rent expense.. Unearned revenue. $3,900 7,500 6,000 900

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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1. disclosed the following information: Accounts payable, after deducting debit balance in Suppliers’ accounts amounting to P 100,000…………P 4,000,000 Accrued expenses………………………………………….. 1,500,000 Credit balances of customers’ accounts………………… 500,000 Share dividends distributable……………………………. 1,000,000 Claims for increase in wages and allowances by employees of the entity covered in a pending lawsuit…………………………………………………….. 400,000 Estimated expenses in redeeming prize coupons…….. 600,000 What amount should be reported as total current liabilities? 2, provided you the following information on December 31, 2021: Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021. On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…
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