Sprite Company had the following liabilities at December 31, 2019: Trade accounts payable, net of debit balances totaling P65,000 in supplier’s accounts  P1,125,000 Accrued expenses 136,000 Interest payable 96,000 Income tax payable 150,000 Mortgage payable due in equal annual instalments until October 31, 2024 750,000 Share dividends declared but not yet issued 300,000 Notes payable (due on January 1, 2021)   250,000 How much is the total current liabilities of Sprite to be shown on its December 31, 2019 statement of financial position?

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is