Lovely Corp 's current liabilities at Dec. 31, 2019 totaled P 1,500,000 before any necessary year-end adjustment relating to the following transactions: * On Dec. 23, 2019, a vendor authorized Lovely to return for full credit, merchandise shipped and billed at P 45,000 on Dec. 9, 2019. A P 45,000 credit memo was received and recorded by Lovely on January 2, 2020. * During Dec. 2019, Lovely received P 75,000 from Pretty, a customer as an advance payment for a handicraft that is that Lovely will make to Pretty's specifications. From this transaction, Lovely has a P 75,000 credit balance in its accounts receivable from Pretty at Dec. 31, 2019. What amount should Lovely report as total current Liabilities in its December 31, 2019 statement of financial position?

Lovely Corp 's current liabilities at Dec. 31, 2019 totaled P 1,500,000 before any necessary year-end adjustment relating to the following transactions: * On Dec. 23, 2019, a vendor authorized Lovely to return for full credit, merchandise shipped and billed at P 45,000 on Dec. 9, 2019. A P 45,000 credit memo was received and recorded by Lovely on January 2, 2020. * During Dec. 2019, Lovely received P 75,000 from Pretty, a customer as an advance payment for a handicraft that is that Lovely will make to Pretty's specifications. From this transaction, Lovely has a P 75,000 credit balance in its accounts receivable from Pretty at Dec. 31, 2019. What amount should Lovely report as total current Liabilities in its December 31, 2019 statement of financial position?

Name: A.1,575,000B.1,455,000C.1,470,000D.1,530,000 Lovely Corp 's current li
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Description: A.1,575,000B.1,455,000C.1,470,000D.1,530,000 Lovely Corp 's current liabilities at Dec. 31, 2019 totaled P 1,500,000 before anynecessary year-end adjustment relating to the following transactions:* On Dec. 23, 2019, a vendor authorized Lovely to retu

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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