nterest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000
nterest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![The total liabilities of ABC Company for the period ending December 31, 2021 amounted to P300,000. This balance includes the
following items:
Notes Payable due in 3 years
P100,000
Interest Payable
3,200
Accounts Payable
140,800
Accrued Salaries Expense
35,000
Accrued Interest Income
4,000
Unearned Commissions Income
12,000
Unused Office Supplies
5,000
What is the correct amount of ABC Company's total liabilities?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1686de91-40c4-4393-ba80-84db6e28c578%2F320277a8-ce30-459f-828a-baa2d9a8cc16%2Fiv2za9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The total liabilities of ABC Company for the period ending December 31, 2021 amounted to P300,000. This balance includes the
following items:
Notes Payable due in 3 years
P100,000
Interest Payable
3,200
Accounts Payable
140,800
Accrued Salaries Expense
35,000
Accrued Interest Income
4,000
Unearned Commissions Income
12,000
Unused Office Supplies
5,000
What is the correct amount of ABC Company's total liabilities?
![ABC Company started its business operations on November 2, 2021. The following were the transactions during the month:
Nov. 2, 2021
The owner made a cash investment to the business amounting to P2,000,000.
Nov. 5, 2021
Obtained a P500,000 loan and issues a promissory note to Citibank.
Nov. 8, 2021
Acquired land costing P1,000,000 on cash basis.
Nov.16, 2021
Rendered services worth P1,200,000 on account.
Nov.30, 2021
Paid salaries of the workers amounting to P280,000.
How much is the owner's capital balance at the end of its first month of operation?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1686de91-40c4-4393-ba80-84db6e28c578%2F320277a8-ce30-459f-828a-baa2d9a8cc16%2F2iy5958_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ABC Company started its business operations on November 2, 2021. The following were the transactions during the month:
Nov. 2, 2021
The owner made a cash investment to the business amounting to P2,000,000.
Nov. 5, 2021
Obtained a P500,000 loan and issues a promissory note to Citibank.
Nov. 8, 2021
Acquired land costing P1,000,000 on cash basis.
Nov.16, 2021
Rendered services worth P1,200,000 on account.
Nov.30, 2021
Paid salaries of the workers amounting to P280,000.
How much is the owner's capital balance at the end of its first month of operation?
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