How much should Cicamore report as current liabilities in its December 31,2022 statement of financial position. Cicamore Company had the following information related to its currentliabilities for the year ended December 31, 2022.Notes payable arising from 5-year bank loans, on which a security valued at P600.000have been pledge as security, due on December 31, 2023.P500.000Accounts payable, net of debit balances of P50,000770,000Trade notes payable due in 15 monthsSalaries payable90,000Employee income tax withheldBonus and profit sharing payableLiability for income taxesCash dividends payableShare dividend payableDividend in arrears on preference shares280,00011,000250,000150,00070,000100,000200.000

Liability means the amount which is to be paid to an outsider by business. It is the present…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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How much should Cicamore report as current liabilities in its December 31,2022 statement of financial position.

Cicamore Company had the following information related to its current
liabilities for the year ended December 31, 2022.
Notes payable arising from 5-year bank loans, on which a security valued at P600.000
have been pledge as security, due on December 31, 2023.
P500.000
Accounts payable, net of debit balances of P50,000
770,000
Trade notes payable due in 15 months
Salaries payable
90,000
Employee income tax withheld
Bonus and profit sharing payable
Liability for income taxes
Cash dividends payable
Share dividend payable
Dividend in arrears on preference shares
280,000
11,000
250,000
150,000
70,000
100,000
200.000

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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