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On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 450,000 Deferred advertising income 30,000 Mortgage payable 2,000,000 Estimated damages payable by reason of breech of contract Claim for increase in wages by employees covered in pending lawsuit Share dividend payable 220,000 1,600,000 300,000 Percentage Taxes Payable 16,000 Bonds Payable, due allay 2022 Discount on Bonds Payable 3,000,000 60,000 Compute total current liabilities on December 31, 2021.

On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 450,000 Deferred advertising income 30,000 Mortgage payable 2,000,000 Estimated damages payable by reason of breech of contract Claim for increase in wages by employees covered in pending lawsuit Share dividend payable 220,000 1,600,000 300,000 Percentage Taxes Payable 16,000 Bonds Payable, due allay 2022 Discount on Bonds Payable 3,000,000 60,000 Compute total current liabilities on December 31, 2021.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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1. On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 450,000 Deferred advertising income 30,000 Mortgage payable 2,000,000 Estimated damages payable by reason of breech of contract 220,000 Claim for increase in wages by employees covered in pending lawsuit Share dividend payable 1,600,000 300,000 16,000 Percentage Taxes Payable Bonds Payable, due allay 2022 3,000,000 Discount on Bonds Payable 60,000 Compute total current liabilities on December 31, 2021.
Transcribed Image Text:1. On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 450,000 Deferred advertising income 30,000 Mortgage payable 2,000,000 Estimated damages payable by reason of breech of contract 220,000 Claim for increase in wages by employees covered in pending lawsuit Share dividend payable 1,600,000 300,000 16,000 Percentage Taxes Payable Bonds Payable, due allay 2022 3,000,000 Discount on Bonds Payable 60,000 Compute total current liabilities on December 31, 2021.
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