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

See similar textbooks

Similar questions

DND Inc.'s December 31,2021 statement of financial position reported the following current assets: Cash, excluding payroll fund of P200,000 Accounts receivable Inventory Deferred tax assets including prepaid tax of P100,000 P 4,300,000 7,500,000 4,000,000 1,200,000 P17,000,000 An analysis of the accounts receivable disclosed that accounts receivable comprised the following: Trade accounts receivable Allowance for doubtful accounts Selling price of DND's unsold goods sent to Tar Inc. on consignment P 5,000,000 (500,000) at 150% of cost and excluded from DND's ending inventory 3,000,000 P7,500,000 On December 31,2021, what amount should be reported as total current assets?
On Jan. 1, 2021, ABC Corporation entered into a P5,000,000 IRG 1-10, 9% contract with its bank. Interest rates at the beginnings of January, February, September and October of 2021 were 8.50%, 9.75%, 9.80% and 9.90%. How much is the cash to be received by ABC solely from the IRG contract
Catriona Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Note: In the case of the notes payable due to bank, supposing the entity has the discretion to refinance the obligation for at least 12 months after the given maturity date (not reporting period), as seen in its loan agreement, Compute for the current liabilities as of December 31, 2021
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?
Below information is excerpt from ABC Company's Dec. 31, 2021 financial records:
Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the…
SK Inc, factors $400,000 of accounts receivable with Mars Finance Company on a without recourse basis on July 1,2020. The receivables records are transferred to Mars Finance, which will receive the collections. Mars Finance assesses a finance charge of 1 ½% of the amount of accounts receivable and retains an amount equal to 4% of accounts receivable to cover sales discounts, returns, and allowances. The transaction is to be recorded as a sale. Instructions: Prepare the journal entry on July1,2020, for SK Inc. to record the sale of receivables without recourse. Prepare the journal entry on July1,2020, for Mars Finance Company. to record the purchase of receivables without recourse
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.
Waterway Corporation factors $260,800 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables records are transferred to Kathleen Battle Financing on August 15, 2025. Kathleen Battle Financing assesses a finance charge of 2% of the amount of accounts receivable and also reserves an amount equal to 4% of accounts receivable to cover probable adjustments. (b) Assume that the conditions are met for a transfer of receivables with recourse to be accounted for as a sale. Prepare the journal entry on August 15, 2025, for Waterway to record the sale of receivables, assuming the recourse obligation has a fair value of $5,000. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
POLKADOT Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
Tyeso Company has the following accounts in its liabilities section of the Balance Sheet as of December 31, 2020: Credit Balance in customers' accounts P120,000 Accounts Payable, net of debit balance from a supplier's account of P64,000 211,000 Stock dividends Payable 23,000 Note Payable, due 12/31/21 400,000 Note Payable, due 5/30/22 200,000 How much of the above amounts shall be reported as current liabilities as of December 31, 2020? a. P795,000 b. P667,000 c. P731,000 d. P818,000