The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts payable-P550,000; 12% notes payable-P800,000; Employees' income taxes payable-P6,500. Additional information:a. The accounts payable balance includes a supplier's invoice for P95,000received through fax machine which represents goods shipped FOBdestination and are still in transit at year-end.b. The 12% interest-bearing note is dated June 1, 2022 and matures May 31, 2023.Accrued interest on the note has not been recorded.How much is the total current liabilities on December 31, 2022? Dec 31, 2022 Dec 31, 2021Current assets36,00028,000Non-current assets160,000112,000Current liabilities12,0004,000Non-current liabilities40,000Additional information:Profit for 2022 was P16,000.No dividends were declared during 2022 and there were no otherchanges in shareholders' equity.

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The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts payable-P550,000; 12% notes payable-P800,000; Employees' income taxes payable-P6,500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

The following selected accounts are taken from ABC Company on Dec. 31, 2022: Accounts payable-P550,000; 12% notes payable-P800,000; Employees' income taxes payable-P6,500.

Additional information:
a. The accounts payable balance includes a supplier's invoice for P95,000
received through fax machine which represents goods shipped FOB
destination and are still in transit at year-end.
b. The 12% interest-bearing note is dated June 1, 2022 and matures May 31, 2023.
Accrued interest on the note has not been recorded.
How much is the total current liabilities on December 31, 2022?

Dec 31, 2022 Dec 31, 2021
Current assets
36,000
28,000
Non-current assets
160,000
112,000
Current liabilities
12,000
4,000
Non-current liabilities
40,000
Additional information:
Profit for 2022 was P16,000.
No dividends were declared during 2022 and there were no other
changes in shareholders' equity.

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