Salaries payable Accounts payable Employees' income tax payable Estimated warranty payable 450,000 660,000 80,000 40,000 Notes payable (issued in 2021 maturing 24 semi-annual installments beginning on April 1, 2022) 4,800,000 Cash overdraft, PNB 70,000 Customers' accounts with credit balances 35,000 Estimated premium claims outstanding Income tax payable 110,000 600,000 Cash balance, BDO 1,240,000 Determine the amount of current liabilities to be reported on Dec 31, 202 statement of financial position?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Below information is excerpt from ABC Company's Dec. 31, 2021 financial records:

Salaries payable
450,000
Accounts payable
660,000
Employees' income tax payable
Estimated warranty payable
80,000
40,000
Notes payable (issued in 2021 maturing 24 semi-annual
installments beginning on April 1, 2022)
4,800,000
Cash overdraft, PNB
70,000
Customers' accounts with credit balances
35,000
Estimated premium claims outstanding
110,000
Income tax payable
600,000
Cash balance, BDo
1,240,000
Determine the amount of current liabilities to be reported on Dec 31, 2021,
statement of financial position?
Transcribed Image Text:Salaries payable 450,000 Accounts payable 660,000 Employees' income tax payable Estimated warranty payable 80,000 40,000 Notes payable (issued in 2021 maturing 24 semi-annual installments beginning on April 1, 2022) 4,800,000 Cash overdraft, PNB 70,000 Customers' accounts with credit balances 35,000 Estimated premium claims outstanding 110,000 Income tax payable 600,000 Cash balance, BDo 1,240,000 Determine the amount of current liabilities to be reported on Dec 31, 2021, statement of financial position?
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