1. Lovely Corporation's current liabilities at December 31, 2013 totalled P1,500,000 before anynecessary year-end adjustment relating to the following transactions:On December 23, 2013, a vendor authorized Lovely to return for full credit, merchandiseshipped and billed at P45,000 on December 09, 2013. Lovely shipped the returned items onDecember 29, 2013. A P45,000 credit memo was received and recorded by Lovely onJanuary 02, 2014.During December 2013, Lovely received P75,000 from Pretty, a customer, as an advancepayment for a handicraft that Lovely will make to Pretty's specifications. From thistransaction, Lovely has a P75,000 credit balance in its accounts receivable from Pretty atDecember 31, 20oio.What amount should Lovely report as total current liabilities in its December 31, 2013 balancesheet?a. P1,455,000b. P1,470,000C. P1,530,000d. P1,575,000

Name: 1. Lovely Corporation's current liabilities at December 31, 2013 tota
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Description: 1. Lovely Corporation's current liabilities at December 31, 2013 totalled P1,500,000 before anynecessary year-end adjustment relating to the following transactions:On December 23, 2013, a vendor authorized Lovely to return for full credit, merchandi

Current Liabilities: Current Liabilities are a short-term obligations that a company needs to meet…

Answered: What amount should Lovely report as…

Business

Accounting

What amount should Lovely report as total current liabilities in its December 31, 2013 balance sheet?

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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