Homework Help is Here – Start Your Trial Now!
Business
Accounting
Provision for warranty - 42,000 Provision for warranty includes P20,000 estimated to be incurred beyond one year. How much will be the current liability?

Provision for warranty - 42,000 Provision for warranty includes P20,000 estimated to be incurred beyond one year. How much will be the current liability?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Provision for warranty - 42,000
Provision for warranty includes P20,000 estimated to be incurred beyond one year. How much will be the current liability? 

 

al ts a S Instructions. Provided below is the trial balance of Kagura Corporation at December 31, 2021. In a workshee PAS 1. Account Acc.dep.-buildings Acc.dep-leased assets Acc.dep.-equipment Allowance for doubtful debts Bank loans Bank overdrafts Buildings, at cost Cash Debentures Deferred tax Deposits, at call Equipment Finished goods Goodwill Income tax payable Investments (FVTOCE) Investments revaluation reserve Land, at valuation Land revaluation reserve Lease liabilities Feased assets Other loans Patents Prepayments Provision for employment benefits Provision for restructuring Provision for warranty Raw materials Retained earnings Share capital Sundry creditors and accruals Sundry debtors Trade creditors Trade debtors Work in progress Uncamed revenue Cash surrender value of life insurance Bond sinking fund Investments (FVTPL) Land held for future use Treasury shares Bouds payable Discounts on bonds payable Advertising supplies Short-term subscription receivables Deposit to suppliers Total Debit 1,030,000.00. 175,000.00 36,000.00 8,275,000.00 1,042,000.00 2,530,000.00 52,000.00 250,000.00 775,000.00 110,000.00 141,000.00 490,000,00 320,000.00 2,417,000.00 151,000.00 40,000.00 20,000.00 80,000.00 270,000.00 50,000.00 40,000.00 35,000.00 10,000.00 107,000.00 18,476,000.00 Credit OCL CP NCP CP, NCP 120,000.00 310,000.00 3,726,000.00 80,000.00 2,215,000.00 50,000.00 Additional information: a. Bank loans and other loans are repayable beyond one year. b. P300,000 of the debentures is repayable within one year. c. Lease liabilities include P125,000 repayable within one year. d. Provision for employment benefits includes P192,000 payable within one year. e. The planned restructuring is intended to be completed within one year. f. Provision for warranty includes P20,000 estimated to be incurred beyond one year. 675,000.00 420,000.00 152,000.00 81,000.00 CLL NC350,000.00 25,000.00 575,000.00 275,000.00 982,000.00 42,000.00 1,481,000.00 3,500,000.00 TOP 715,000.00 TOP 1,677,000.00 19 25,000.00 1,000,000.00 18,476,000.00
Transcribed Image Text:al ts a S Instructions. Provided below is the trial balance of Kagura Corporation at December 31, 2021. In a workshee PAS 1. Account Acc.dep.-buildings Acc.dep-leased assets Acc.dep.-equipment Allowance for doubtful debts Bank loans Bank overdrafts Buildings, at cost Cash Debentures Deferred tax Deposits, at call Equipment Finished goods Goodwill Income tax payable Investments (FVTOCE) Investments revaluation reserve Land, at valuation Land revaluation reserve Lease liabilities Feased assets Other loans Patents Prepayments Provision for employment benefits Provision for restructuring Provision for warranty Raw materials Retained earnings Share capital Sundry creditors and accruals Sundry debtors Trade creditors Trade debtors Work in progress Uncamed revenue Cash surrender value of life insurance Bond sinking fund Investments (FVTPL) Land held for future use Treasury shares Bouds payable Discounts on bonds payable Advertising supplies Short-term subscription receivables Deposit to suppliers Total Debit 1,030,000.00. 175,000.00 36,000.00 8,275,000.00 1,042,000.00 2,530,000.00 52,000.00 250,000.00 775,000.00 110,000.00 141,000.00 490,000,00 320,000.00 2,417,000.00 151,000.00 40,000.00 20,000.00 80,000.00 270,000.00 50,000.00 40,000.00 35,000.00 10,000.00 107,000.00 18,476,000.00 Credit OCL CP NCP CP, NCP 120,000.00 310,000.00 3,726,000.00 80,000.00 2,215,000.00 50,000.00 Additional information: a. Bank loans and other loans are repayable beyond one year. b. P300,000 of the debentures is repayable within one year. c. Lease liabilities include P125,000 repayable within one year. d. Provision for employment benefits includes P192,000 payable within one year. e. The planned restructuring is intended to be completed within one year. f. Provision for warranty includes P20,000 estimated to be incurred beyond one year. 675,000.00 420,000.00 152,000.00 81,000.00 CLL NC350,000.00 25,000.00 575,000.00 275,000.00 982,000.00 42,000.00 1,481,000.00 3,500,000.00 TOP 715,000.00 TOP 1,677,000.00 19 25,000.00 1,000,000.00 18,476,000.00
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Revenue Recognition
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS