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For purposes of starting the working capital of Jay Trading on December 31, 2021, the following data are submitted:   Cash on Hand and in Bank P  610,000 Petty Cash 6,000 Notes Receivable 500,000 Accounts Receivable 1,200,000 Merchandise Inventory 1,300,000 Accrued Expenses 90,000 Accounts Payable 650,000 Notes Payable (due annually at P1,000,000 every May 31) 2,000,000 Unearned Rent Income 80,000   How much total current liabilities should Jay Trading present in its statement of financial position on December 31, 2021?

For purposes of starting the working capital of Jay Trading on December 31, 2021, the following data are submitted:   Cash on Hand and in Bank P  610,000 Petty Cash 6,000 Notes Receivable 500,000 Accounts Receivable 1,200,000 Merchandise Inventory 1,300,000 Accrued Expenses 90,000 Accounts Payable 650,000 Notes Payable (due annually at P1,000,000 every May 31) 2,000,000 Unearned Rent Income 80,000   How much total current liabilities should Jay Trading present in its statement of financial position on December 31, 2021?

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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For purposes of starting the working capital of Jay Trading on December 31, 2021, the following data are submitted:

 

Cash on Hand and in Bank

P  610,000

Petty Cash

6,000

Notes Receivable

500,000

Accounts Receivable

1,200,000

Merchandise Inventory

1,300,000

Accrued Expenses

90,000

Accounts Payable

650,000

Notes Payable (due annually at P1,000,000 every May 31)

2,000,000

Unearned Rent Income

80,000

 

How much total current liabilities should Jay Trading present in its statement of financial position on December 31, 2021?

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