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₱100,000Interest Payable3,200Accounts Payable140,800Accrued Salaries Expense35,000Accrued Interest Income4,000Unearned Commissions Income12,000Unused Office Supplies5,000What is the correct amount of ABC Company's total liabilities?

Assets- Assets are any items of economic value that will provide future benefit and can be converted…

Answered: The total liabilities of ABC Company…

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 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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