On December 31, 2021, the bookkeeper of Grand Company 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, 2023 for P1,000,000 Share dividends payable Credit balance in customers' accounts Serial bonds, payable in semi annual installments of P1,000,000 Accrued interest on bonds payable P2,500,000 3,000,000 800,000 400,000 10,000,000 300,000 Contested BIR tax assessment 600,000 100,000 Unearned rent income In the December 31, 2021 statement of financial position, how much current liabilities should be reported?
On December 31, 2021, the bookkeeper of Grand Company 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, 2023 for P1,000,000 Share dividends payable Credit balance in customers' accounts Serial bonds, payable in semi annual installments of P1,000,000 Accrued interest on bonds payable P2,500,000 3,000,000 800,000 400,000 10,000,000 300,000 Contested BIR tax assessment 600,000 100,000 Unearned rent income In the December 31, 2021 statement of financial position, how much current liabilities should be reported?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On December 31, 2021, the bookkeeper of Grand Company 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, 2023 for P1,000,000
Share dividends payable
P2,500,000
3,000,000
800,000
Credit balance in customers' accounts
400,000
Serial bonds, payable in semi annual installments of P1,000,000
Accrued interest on bonds payable
10,000,000
300,000
Contested BIR tax assessment
600,000
Unearned rent income
100,000
In the December 31, 2021 statement of financial position, how much current liabilities
should be reported?
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