On December 31, 2021, the bookkeeper of BLACK Corporation provided the following information: Accounts payable, including deposits and advances from customers of P500,000 Notes payable, including note payable to bank due on December 31, 2022, for P1,000,000 Share dividends payable Credit balances in customers' accounts Serial bonds, payable in semi-annual installments of P1,000,000 Accrued interest expense on bonds 2,500,000 3,000,000 800,000 400,000 10,000,000 300,000 Unearned rent income 100,000 50,000 Estimated premium liability
On December 31, 2021, the bookkeeper of BLACK Corporation provided the following information: Accounts payable, including deposits and advances from customers of P500,000 Notes payable, including note payable to bank due on December 31, 2022, for P1,000,000 Share dividends payable Credit balances in customers' accounts Serial bonds, payable in semi-annual installments of P1,000,000 Accrued interest expense on bonds 2,500,000 3,000,000 800,000 400,000 10,000,000 300,000 Unearned rent income 100,000 50,000 Estimated premium liability
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In the December 31, 2021 statement of financial position, how much should be reported as current liabilities?
Transcribed Image Text:On December 31, 2021, the bookkeeper of BLACK Corporation provided the following information:
Accounts payable, including deposits and advances from
customers of P500,000
2,500,000
Notes payable, including note payable to bank due on December
31, 2022, for P1,000,000
3,000,000
800,000
400,000
10,000,000
Share dividends payable
Credit balances in customers' accounts
Serial bonds, payable in semi-annual installments of P1,000,000
Accrued interest expense on bonds
300,000
Unearned rent income
100,000
Estimated premium liability
50,000
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