Weed Company prepared a draft of its 2020 Statement of Financial Position. The draft statement reported current liabilities totaling P2,000,00O. However, none of the following items were included in this preliminary total at December 31, 2020. At which amount should Weed Company's current liabilities be correctly reported in the December 31, 2020 Statement of Financial Position? * Bank overdraft 45,000.00 Advances from customers 185,000.00 Share dividends payable 300,000.00 Accrued interest on bonds payable 170,000.00 Unearned rent income 450,000.00 Mortgage Payable 800,000.00 Bonds payable due 2021 500,000.00 Discount on bonds payable due 2021 50,000.00 Bond issue costs 10,000.00

Weed Company prepared a draft of its 2020 Statement of Financial Position. The draft statement reported current liabilities totaling P2,000,00O. However, none of the following items were included in this preliminary total at December 31, 2020. At which amount should Weed Company's current liabilities be correctly reported in the December 31, 2020 Statement of Financial Position? * Bank overdraft 45,000.00 Advances from customers 185,000.00 Share dividends payable 300,000.00 Accrued interest on bonds payable 170,000.00 Unearned rent income 450,000.00 Mortgage Payable 800,000.00 Bonds payable due 2021 500,000.00 Discount on bonds payable due 2021 50,000.00 Bond issue costs 10,000.00

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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