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Glory Corporation p

Glory Corporation p

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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The amount of current liabilities on December 31, 2001 is:

P455,000
 
P480,000
 
P450,000
 
P485,000
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
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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