The following account balances are available from ABRA Company at December 31, 2022: Accounts Payable – P25,000 Cash Surrender Value of Life Insurance – P29,000 Mortgage Payable (including P200,000 due in six months) – P1,200,000 Notes Payable, 10% (due on January 1, 2025) – P1,500,000 Premium on Notes Payable – P25,000 Ordinary Share, P100 par value – P1,000,000 Ordinary Share Premium – P250,000 Preference Share, P200 par value – P450,000 Dividends Declared - P250,000 Profit and Loss Summary, credit balance – P500,000 Retained Earnings (January 1, 2022) – P550,000 How much is the Current Liabilities at December 31, 2022?
The following account balances are available from ABRA Company at December 31, 2022: Accounts Payable – P25,000 Cash Surrender Value of Life Insurance – P29,000 Mortgage Payable (including P200,000 due in six months) – P1,200,000 Notes Payable, 10% (due on January 1, 2025) – P1,500,000 Premium on Notes Payable – P25,000 Ordinary Share, P100 par value – P1,000,000 Ordinary Share Premium – P250,000 Preference Share, P200 par value – P450,000 Dividends Declared - P250,000 Profit and Loss Summary, credit balance – P500,000 Retained Earnings (January 1, 2022) – P550,000 How much is the Current Liabilities at December 31, 2022?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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The following account balances are available from ABRA Company at December 31, 2022:
Accounts Payable – P25,000
Cash Surrender Value of Life Insurance – P29,000
Mortgage Payable (including P200,000 due in six months) – P1,200,000
Notes Payable, 10% (due on January 1, 2025) – P1,500,000
Premium on Notes Payable – P25,000
Ordinary Share, P100 par value – P1,000,000
Ordinary Share Premium – P250,000
Preference Share , P200 par value – P450,000
Dividends Declared - P250,000
Profit and Loss Summary, credit balance – P500,000
Retained Earnings (January 1, 2022) – P550,000
How much is the Current Liabilities at December 31, 2022?
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