These are some information for the balance sheet as of December 31, 2019 of MUST Corp. Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000 Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500 Stock dividends payable 60,000 Accrued expenses 7,800 Reserve for contingencies 20,000 Overdraft in Security Bank checking account 6,200 Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31, 2019 of MUST Corp.?
These are some information for the balance sheet as of December 31, 2019 of MUST Corp. Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received on consignment of P22,000,total P300,000 Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500 Stock dividends payable 60,000 Accrued expenses 7,800 Reserve for contingencies 20,000 Overdraft in Security Bank checking account 6,200 Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31, 2019 of MUST Corp.?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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These are some information for the
Accounts payable, consisting of purchase of goods, P278,000 and cost of goods received
on consignment of P22,000,total P300,000
Income tax due for 2019, (due and paid in the three (3) quarters of 2019, P87,500) 122,500
Stock dividends payable 60,000
Accrued expenses 7,800
Reserve for contingencies 20,000
Overdraft in Security Bank checking account 6,200
Based on the above information, how much is the total liabilities to be reported in the balance sheet as of December 31,
2019 of MUST Corp.?
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