*see attachedHow much should be reported in the December 31, 2020 balance sheet as total liabilities?a. P 7,210,000b. P 7,005,000c. P 6,960,000d. P 6,672,000 HELLO reported the following items on its December 31, 2020 trial balance:Accounts PayableAdvances to officers and employeesOutstanding gift certificates issued, redeemable with merchandiseCash surrender value of life insuranceBonds payable, face valueDiscounts on bond payableAccrued interest receivable1,089,00045,000258,00075,0005,550,000225,00039,000

Total liabilities of a balance sheet show the amount that a company or entity owes.

Answered: HELLO reported the following items on…

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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*see attached

How much should be reported in the December 31, 2020 balance sheet as total liabilities?
a. P 7,210,000
b. P 7,005,000
c. P 6,960,000
d. P 6,672,000

HELLO reported the following items on its December 31, 2020 trial balance:
Accounts Payable
Advances to officers and employees
Outstanding gift certificates issued, redeemable with merchandise
Cash surrender value of life insurance
Bonds payable, face value
Discounts on bond payable
Accrued interest receivable
1,089,000
45,000
258,000
75,000
5,550,000
225,000
39,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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