On December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of ₱250,000 1,250,000 Notes payable, including note payable to bank on December 31, 2021 of ₱500,000 1,500,000 Stock dividend payable 400,000 Credit balances in customers account 200,000 Serial bonds payable in semiannual installment of ₱500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment-possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31, 2019. Please show your solution.
On December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of ₱250,000 1,250,000 Notes payable, including note payable to bank on December 31, 2021 of ₱500,000 1,500,000 Stock dividend payable 400,000 Credit balances in customers account 200,000 Serial bonds payable in semiannual installment of ₱500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment-possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31, 2019. Please show your solution.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 1:
On December 31, 2019, the bookkeeper of Glare Company provided the following information.
Accounts payable, including deposits and advances from customer of ₱250,000 1,250,000
Notes payable, including note payable to bank on December 31, 2021 of ₱500,000 1,500,000
Stock dividend payable 400,000
Credit balances in customers account 200,000
Serial bonds payable in semiannual installment of ₱500,000 5,000,000
Accrued interest on bonds payable 150,000
Contested BIR tax assessment-possible obligation 300,000
Unearned rent income 100,000
Required: Compute the total current liabilities on December 31, 2019.
Please show your solution.
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