The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000. This balance includes the following items: Notes Payable due in 3 years ₱100,000 Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?
The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000. This balance includes the following items: Notes Payable due in 3 years ₱100,000 Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000. This balance includes the following items:
|
Notes Payable due in 3 years |
₱100,000 |
|
Interest Payable |
3,200 |
|
Accounts Payable |
140,800 |
|
Accrued Salaries Expense |
35,000 |
|
Accrued Interest Income |
4,000 |
|
Unearned Commissions Income |
12,000 |
|
Unused Office Supplies |
5,000 |
What is the correct amount of ABC Company's total liabilities?
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