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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

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.

 

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Accounting for Notes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education