The following balances were reported by MELBOURNE Company at December 31, 2021: • Receivable from Brisbane Company, a subsidary, P200,000 • Receivable from Perth Company, a subsidiary, P150,000 • Payable to Darwin Company, a subsidiary. P95,000 • Payable to Canberra Company, a subsidiary, P89,000 In the MELBOURNE's individual/separate statement of financial position at December 31, 2021, how much should it report as "Payable to Related Parties"?
The following balances were reported by MELBOURNE Company at December 31, 2021: • Receivable from Brisbane Company, a subsidary, P200,000 • Receivable from Perth Company, a subsidiary, P150,000 • Payable to Darwin Company, a subsidiary. P95,000 • Payable to Canberra Company, a subsidiary, P89,000 In the MELBOURNE's individual/separate statement of financial position at December 31, 2021, how much should it report as "Payable to Related Parties"?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![The following balances were reported by MELBOURNE Company at December 31, 2021:
• Receivable from Brisbane Company, a subsidary, P200,000
• Receivable from Perth Company, a subsidiary, P150,000
• Payable to Darwin Company, a subsidiary. P95,000
• Payable to Canberra Company, a subsidiary, P89,000
In the MELBOURNE's individual/separate statement of financial position at December 31, 2021, how much should it
report as "Payable to Related Parties"?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F564dd124-7fd7-4d60-980e-773f61b41ead%2F3a91805f-5e44-445f-a60a-33530501a72f%2Fdy56wyr_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following balances were reported by MELBOURNE Company at December 31, 2021:
• Receivable from Brisbane Company, a subsidary, P200,000
• Receivable from Perth Company, a subsidiary, P150,000
• Payable to Darwin Company, a subsidiary. P95,000
• Payable to Canberra Company, a subsidiary, P89,000
In the MELBOURNE's individual/separate statement of financial position at December 31, 2021, how much should it
report as "Payable to Related Parties"?
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