The data below are from the records of Almanor, Inc. on December 31, 2021: Accounts payable net of supplier’s accounts with debit balances P 680,000 Cash balance in ABC Bank 1,240,000 Cash overdraft with XYZ Bank 80,000 Customers’ accounts with credit balances 25,000 Supplier’s accounts with debit balances 65,000 Dividends in arrears on preference shares 400,000 Employees’ income tax payable 100,000 Estimated warranty payable 50,000 Estimated premium claims outstanding 90,000 Income tax payable 320,000 Notes payable issued in 2020 maturing in 20 quarterly installments beginning April 1, 2021 8,000,000 Salaries payable 140,000 Deferred tax liability 80,000 9. The amount to be shown as total current liabilities on Almanor’s statement of financial position at December 31, 2021 is:
The data below are from the records of Almanor, Inc. on December 31, 2021: Accounts payable net of supplier’s accounts with debit balances P 680,000 Cash balance in ABC Bank 1,240,000 Cash overdraft with XYZ Bank 80,000 Customers’ accounts with credit balances 25,000 Supplier’s accounts with debit balances 65,000 Dividends in arrears on preference shares 400,000 Employees’ income tax payable 100,000 Estimated warranty payable 50,000 Estimated premium claims outstanding 90,000 Income tax payable 320,000 Notes payable issued in 2020 maturing in 20 quarterly installments beginning April 1, 2021 8,000,000 Salaries payable 140,000 Deferred tax liability 80,000 9. The amount to be shown as total current liabilities on Almanor’s statement of financial position at December 31, 2021 is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The data below are from the records of Almanor, Inc. on December 31, 2021: Accounts payable net of supplier’s accounts with debit balances P 680,000 Cash balance in ABC Bank 1,240,000 Cash overdraft with XYZ Bank 80,000 Customers’ accounts with credit balances 25,000 Supplier’s accounts with debit balances 65,000 Dividends in arrears on preference shares 400,000 Employees’ income tax payable 100,000 Estimated warranty payable 50,000 Estimated premium claims outstanding 90,000 Income tax payable 320,000 Notes payable issued in 2020 maturing in 20 quarterly installments beginning April 1, 2021 8,000,000 Salaries payable 140,000 Deferred tax liability 80,000 9. The amount to be shown as total current liabilities on Almanor’s statement of financial position at December 31, 2021 is:
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