1. Compute for the current liabilities as of December 31, 20212. Compute for the non-current liabilities as of December 31, 2021 Problem 1:RM Company disclosed the following information on December 31, 2021:Accrued rent expenseShare dividends payableAccounts receivable, after deducting credit balances of customers'accounts amounting to 42, 500Estimated premium liabilityCash in bank, net of bank overdraft of P22,650Deferred tax liabilityAccounts payable, net of debit balances in suppliers' accountsamounting to P8,310Unearned interest income54,000750,000179,30065,800481,900215,50095,420225,000Mortgage payable, issued on March 1, 2012, maturing after 10 yearsNotes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022Cash dividends payableSSS payableSerial bonds payable in 5 yearly installment of P250,000 payableevery October 31Estimated damages because of a supposed unsatisfactoryperformance on a contract, a possible obligationIncome tax payableNotes payable1,500,0001,000,000520,00057,1001,250,00075,000138,500460,000

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Description: 1. Compute for the current liabilities as of December 31, 20212. Compute for the non-current liabilities as of December 31, 2021 Problem 1:RM Company disclosed the following information on December 31, 2021:Accrued rent expenseShare dividends payable

1. Current liabilities as of December 31, 2021: Therefore, the current liabilities as of December…

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Problem 1: RM Company disclosed the following information on December 31, 2021: Accrued rent expense Share dividends payable Accounts receivable, after deducting credit balances of customers' accounts amounting to P42, 500 Estimated premium liability Cash in bank, net of bank overdraft of P22,650 Deferred tax liability Accounts payable, net of debit balances in suppliers' accounts amounting to P8,310 54,000 750,000 179,300 65,800 481,900 215,500 95,420 Unearned interest income 225,000 1,500,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 Cash dividends payable 1,000,000 520,000 57,100 SSS payable Serial bonds payable in 5 yearly installment of P250,000 payable every October 31 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation Income tax payable Notes payable 1,250,000 75,000 138,500 460,000

Problem 1: RM Company disclosed the following information on December 31, 2021: Accrued rent expense Share dividends payable Accounts receivable, after deducting credit balances of customers' accounts amounting to P42, 500 Estimated premium liability Cash in bank, net of bank overdraft of P22,650 Deferred tax liability Accounts payable, net of debit balances in suppliers' accounts amounting to P8,310 54,000 750,000 179,300 65,800 481,900 215,500 95,420 Unearned interest income 225,000 1,500,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 Cash dividends payable 1,000,000 520,000 57,100 SSS payable Serial bonds payable in 5 yearly installment of P250,000 payable every October 31 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation Income tax payable Notes payable 1,250,000 75,000 138,500 460,000

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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