The data below are from the records of Gomez, Inc. on December 31, 20x1: Accounts payable P720,000 Cash balance, ABC Bank 1,120,000 Cash overdraft with XYZ Bank 130,000 Customers’ accounts with credit balances 50,000 Dividends in arrears on preference shares 450,000 Employees’ income tax payable 200,000 Estimated warranty liability 80,000 Estimated premium claims outstanding 75,000 Income tax payable 480,000 Notes Payable (issued in 20x1 maturing in semi-annual installments beginning April 1, 20x2 for 20 years) 4,000,000 Salaries payable 320,000 Required: 1. What amount shall be reported as total current liabilities on Gomez, Inc.’s statement of financial position at December 31, 20x1
The data below are from the records of Gomez, Inc. on December 31, 20x1:
Accounts payable P720,000
Cash balance, ABC Bank 1,120,000
Cash overdraft with XYZ Bank 130,000
Customers’ accounts with credit balances 50,000
Dividends in arrears on
Employees’ income tax payable 200,000
Estimated warranty liability 80,000
Estimated premium claims outstanding 75,000
Income tax payable 480,000
Notes Payable (issued in 20x1 maturing in semi-annual
installments beginning April 1, 20x2 for 20 years) 4,000,000
Salaries payable 320,000
Required:
1. What amount shall be reported as total current liabilities on Gomez, Inc.’s
at December 31, 20x1
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