1. On December 31, 2021, Sampaguita Company provided the following information:Accounts Payable, including advances from customers of P50,000450,000Deferred advertising income30,000Mortgage payable2,000,000Estimated damages payable by reason of breech of contract220,000Claim for increase in wages by employees covered in pending lawsuitShare dividend payable1,600,000300,00016,000Percentage Taxes PayableBonds Payable, due allay 20223,000,000Discount on Bonds Payable60,000Compute total current liabilities on December 31, 2021.

Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following balances are extracted from the records of VKS Corporation as of December 31, 2021:· Commercial savings account, DVD- P1,500,000· Commercial checking account, DVD- P1,800,000· Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000· Cash fund for retirement of long-term debt- P2,000,000· Petty cash fund- P20,000· I.O.U. from an officer- P50,000· Bank overdraft, BPI- P450,000· Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000· Check received from customer dated January 2, 2022- P175,000· Maintaining balance at DVD to ensure future credit availability- P200,000· Currency and coin on hand not yet deposited - P25,000 How much will be reported as cash and cash equivalents on December 31, 2021?
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Below information is excerpt from ABC Company's Dec. 31, 2021 financial records:
Ramsay's Company Statement of Financial Position as at December 31, shows notes payable totaling $115,000 with Rednail Bank. These are 90-day notes, renewable for another 90-day period. These notes should be classified on the statement of financial position of Ramsay Company as Select one: а. non-current liabilities. O b. deferred charges. O c. intermediate debt. O d. current liabilities
1. What amount of receivable would be shown by Cabana Company relating to the factoring transaction on January 31, 2021? Please include solutions. Thank you.
ABC Company showed the following balances on December 31, 2021: Accounts receivable P4,000,000 Allowance for doubtful accounts- credit 120,000 The following transactions transpired for ABC Company during the year 2021: o On May 1, received a P600,000, six-month, 12% interest bearing note from CD, a customer, in settlement of an account. o On June 30, factored P800,000 of its accounts receivable to a finance company. The finance company charged a factoring fee of 5% of the accounts factored and withheld 20% of the amount factored. On August 1, ABC Company discounted the CD note at the bank at 15%. On November 1, CD defaulted on the P600,000 note. ABC Company paid the bank the total amount due plus a P24,000 protest fee and other bank charges. On December 31, ABC Company assigned P1,200,000 of its accounts receivable to a bank under non-notification basis. The bank advanced 80% less service fee of 5% of the accounts assigned. ABC Company signed a promissory note for the loan. On December…
On January 1, 2021, Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $21,500 annually for five years. The first payment was made on January 1, 2021. The prevailing rate of interest for this type of note at date of issuance was 10%. Glanville should record sales revenue in January 2021 of: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Multiple Choice $107,500 $81,502 $89,652 None of these answer choices are correct.
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