Glory Corporation p
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The amount of current liabilities on December 31, 2001 is:
P455,000
P480,000
P450,000
P485,000

Transcribed Image Text:On December 31, 2001, the bookkeeper of Glory Corporation provided the following information:
Accounts payable, including deposits and advances from
customers of P25,000
Notes payable, including note payable to bank on
December 31, 2003 of P50,000
P125,000
150,000
10,000
80,000
200,000
20,000
Serial bonds payable in semiannual installment of P50,000_500,000
15,000
70,000
30,000
5,000
Acceptances payable
Liabilities under trust receipts
Stock dividends payable
Credit balances in customers' accounts
Accrued interest on bonds payable
Dividends in arrears on preferred stock
Contested BIR assessment
Unearned rent income
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