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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Question
Transcribed Image Text:The data below are from the records
of DUSK, INC. on December 31, 2019.
The amount to be shown as total
current liabilities on Dusk's statement
of financial position at December 31,
2019, is
Accounts payable
Cash balance DEF Bank
Cash overdraft with ABS Bank
Customers accounts with credit balances
Didends in arrears on preference shares
P680.000
1.240.000
80 000
25.000
400.000
Employees income tax payable
Estimated warranty payable
100.000
50 000
Estimated premium claims outstanding
Income tax payable
Notes payable (issued in 2019 maturing in 20 semi-annual installments
beginning on April 1. 2020)
Salaries payable
90.000
400.000
4,000,000
400,000
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