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On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 Shared dividend payable Credit balances in customer's accounts Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR Assessment - possible obligation Unearned rent income P1,250,000 P1.500.000 P400,000 P200.000 P5.000.000 P150,000 P300.000 P100,000 Notes: 1. Total liabilities of the Company amounted to P10,000,000 2

On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 Shared dividend payable Credit balances in customer's accounts Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR Assessment - possible obligation Unearned rent income P1,250,000 P1.500.000 P400,000 P200.000 P5.000.000 P150,000 P300.000 P100,000 Notes: 1. Total liabilities of the Company amounted to P10,000,000 2

FINANCIAL ACCOUNTING
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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On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 Shared dividend payable Credit balances in customer's accounts Serial bonds payable in semiannual installment of P500,000 Accrued interest on bonds payable Contested BIR Assessment - possible obligation Unearned rent income P1,250,000 P1.500.000 P400,000 P200.000 P5.000.000 P150,000 P300.000 P100,000 Notes: 1. Total liabilities of the Company amounted to P10,000,000 2. There are no other noncurrent liabilities of the Company aside from those listed above
On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 P1,250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 P1,500,000 Shared dividend P400,000 payable Credit balances in customer's accounts P200,000 Serial bonds payable in semiannual installment of P5,000,000 P500,000 Accrued interest on bonds payable P150,000 Contested BIR Assessment - possible obligation P300,000 Unearned rent P100,000 income Notes: 1. Total liabilities of the Company amounted to P10,000,000 2. There are no other noncurrent liabilities of the Company aside from those listed above How much is the total current liabilities of the Company?
Transcribed Image Text:On December 31, 2020, Glare Company provided the following information: Accounts payable, including deposits and advances from customer of P250,000 P1,250,000 Notes payable, including note payable to bank due on December 31, 2022 of P500,000 P1,500,000 Shared dividend P400,000 payable Credit balances in customer's accounts P200,000 Serial bonds payable in semiannual installment of P5,000,000 P500,000 Accrued interest on bonds payable P150,000 Contested BIR Assessment - possible obligation P300,000 Unearned rent P100,000 income Notes: 1. Total liabilities of the Company amounted to P10,000,000 2. There are no other noncurrent liabilities of the Company aside from those listed above How much is the total current liabilities of the Company?
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