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The liability section of the balance sheet of Natividad Co. on December 31, 1978 showed: Stock dividends declared but not yet paid P50,000 Dividends in arrears on preferred stock 25,000 Income tax withheld 1,500 Deferred income tax payable 10.000 Accounts payable, net of P5,000 debit balance in two supplier's account 55,000 Bank overdraft with PNB - Escolta 12,000 Mortgage loans incurred in 1978 payable in ten annual installments starting 500,000 July 1, 1979 At what amount should the current liabilities (total) be shown?

The liability section of the balance sheet of Natividad Co. on December 31, 1978 showed: Stock dividends declared but not yet paid P50,000 Dividends in arrears on preferred stock 25,000 Income tax withheld 1,500 Deferred income tax payable 10.000 Accounts payable, net of P5,000 debit balance in two supplier's account 55,000 Bank overdraft with PNB - Escolta 12,000 Mortgage loans incurred in 1978 payable in ten annual installments starting 500,000 July 1, 1979 At what amount should the current liabilities (total) be shown?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The liability section of the balance sheet of Natividad Co. on December 31, 1978 showed: Stock dividends declared but not yet paid P50,000 Dividends in arrears on preferred stock 25,000 Income tax withheld 1,500 Deferred income tax payable 10.000 Accounts payable, net of P5,000 debit balance in two supplier's account 55.000 Bank overdraft with PNB - Escolta 12.000 Mortgage loans incurred in 1978 payable in ten annual installments starting 500,000 July 1, 1979 At what amount should the current liabilities (total) be shown?
Transcribed Image Text:The liability section of the balance sheet of Natividad Co. on December 31, 1978 showed: Stock dividends declared but not yet paid P50,000 Dividends in arrears on preferred stock 25,000 Income tax withheld 1,500 Deferred income tax payable 10.000 Accounts payable, net of P5,000 debit balance in two supplier's account 55.000 Bank overdraft with PNB - Escolta 12.000 Mortgage loans incurred in 1978 payable in ten annual installments starting 500,000 July 1, 1979 At what amount should the current liabilities (total) be shown?
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