Solve and explain the reason why it is the answer. PROBLEM 3: MULTIPLE CHOICE - COMPUTATIONAL1. The account balances of Boast Co. include the following:14,000 PhilHealth cont. payable12,000 Cash dividends2,000 Share dividends payable30,000 Lease liability10,000 Bonds payable6,000 Premium on bonds payable 20,0004,000 Security deposit12,0008,0006,00070,000240,000Notes payableInterest payablepayableUnearned revenueRent payableWarranty obligationDiscount on notes receivableIncome taxes payableObligation to deliver a fixednumber of own shares worth 100,000a fixed amount of cash4,000Redeemable preference28,00shares issuedOrdinary shares issued20,000Constructive obligation22,000How much is Boast Co.'s total financial liabilities?a. 426,000b. 438,000c. 444,000d. 538,000

A liability is a financial responsibility that a firm has to other entities or enterprises in…

PROBLEM 3: MULTIPLE CHOICE - COMPUTATIONAL 1. The account balances of Boast Co. include the following: 14,000 PhilHealth cont. payable 12,000 Cash dividends payable 2,000 Share dividends payable 12,000 8,000 6,000 70,000 240,000 6,000 Premium on bonds payable 20,000 4,000 Notes payable Interest payable Unearned revenue 30,000 Lease liability 10,000 Bonds payable Rent payable Warranty obligation Discount on notes receivable Income taxes payable Obligation to deliver a fixed number of own shares worth 100,000 a fixed amount of cash 4,000 Security deposit Redeemable preference 28,00 shares issued Ordinary shares issued 20,000 Constructive obligation 22,00 How much is Boast Co.'s total financial liabilities? a. 426,000 b. 438,000 c. 444,000 d. 538.000

PROBLEM 3: MULTIPLE CHOICE - COMPUTATIONAL 1. The account balances of Boast Co. include the following: 14,000 PhilHealth cont. payable 12,000 Cash dividends payable 2,000 Share dividends payable 12,000 8,000 6,000 70,000 240,000 6,000 Premium on bonds payable 20,000 4,000 Notes payable Interest payable Unearned revenue 30,000 Lease liability 10,000 Bonds payable Rent payable Warranty obligation Discount on notes receivable Income taxes payable Obligation to deliver a fixed number of own shares worth 100,000 a fixed amount of cash 4,000 Security deposit Redeemable preference 28,00 shares issued Ordinary shares issued 20,000 Constructive obligation 22,00 How much is Boast Co.'s total financial liabilities? a. 426,000 b. 438,000 c. 444,000 d. 538.000

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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