The ledger of Sadaf Oman Company showed the following final balances at the end of the year 2020 listed in a random order: Share capital RO 4,200%; Accounts payable RO 4,800; Revenues RO 63,0003; Expenses RO 52,000; Cash RO 18,000; Accounts receivable RO 15,000; Supplies RO 1,200; Salaries payable RO 14,100; Dividends RO 2,100; Interest payable RO 5,000; and Prepaid rent RO 2,800. When preparing the trial balance, what will be the total credits at the end of the year? DO OD 000

The ledger of Sadaf Oman Company showed the following final balances at the end of the year 2020 listed in a random order: Share capital RO 4,200%; Accounts payable RO 4,800; Revenues RO 63,0003; Expenses RO 52,000; Cash RO 18,000; Accounts receivable RO 15,000; Supplies RO 1,200; Salaries payable RO 14,100; Dividends RO 2,100; Interest payable RO 5,000; and Prepaid rent RO 2,800. When preparing the trial balance, what will be the total credits at the end of the year? DO OD 000

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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1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
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