The total liabilities of ABC Company for the period ending December 31, 2021 amounted to P300,000. This balance includes the following items: Notes Payable due in 3 P100,000 years Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions 12,000 Income Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?

The total liabilities of ABC Company for the period ending December 31, 2021 amounted to P300,000. This balance includes the following items: Notes Payable due in 3 P100,000 years Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions 12,000 Income Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?

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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Ray Company had the following liabilities on December 31, 2021:·       Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000·       Accrued expenses- P136,000·       Interest payable- P96,000·       Income tax payable- P150,000·       Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000·       Share dividends declared but not yet issued- P300,000·       Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position? A. P2,207,000 B. P1,272,000 C. P1,722,000 D. P2,022,000
47. Ray Company had the following liabilities on December 31, 2021:·       Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000·       Accrued expenses- P136,000·       Interest payable- P96,000·       Income tax payable- P150,000·       Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000·       Share dividends declared but not yet issued- P300,000·       Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position? CHOICES: P2,207,000 P1,722,000 P1,272,000 P2,022,000
CC had the following information related to its current liabilities for the year ended December 31, 2022. Notes payable arising from 5-year bank loans, on which a security valued at P600,000 have been pledge as security, due on December 31, 2023. P500,000 Accounts payable, net of debit balances of P50,000 770,000 Trade notes payable due in 15 months 280,000 Salaries payable 90,000 Employee income tax withheld          11,000 Bonus and profit sharing payable 70,000 Liability for income taxes 250,000 Cash dividends payable         100,000 Share dividend payable       150,000 Dividend in arrears on preference shares       200,000 How much should CC report as current liabilities in its December 31, 2022 statement of financial position?
Lavender Company had the following information related to its current liabilities for the year ended, December 31, 2021. The results of your inquiry and observation were summarized below: Notes Payable arising from 3 year bank loans, on which a securities valued at 1,000,000 have been pledge as security, due on December 31, 2022. (Note 1) Accounts payable, net of debit balances of P100,000 (Note 2) Accrued Payroll (Note 3) PhilHealth, and PAG-IBIG payable SSS payable Employee income tax withheld Bonus and profit sharing payable (Note 4) Liability for income taxes (Note 5) Cash dividends payable Share dividend payable Dividend in arrears on preference shares Estimated liability for damages 800,000 3,160,000 240,000 25,000 16,000 25,000 ? 300,000 120,000 150,000 200,000 130,000 The following audit notes were summarized by the audit staff: Note 1: Notes payable arising from bank loans The notes payable from bank loan is dated December 31, 2019 due on December 31, 2022 with annual interest…
NV Corp. has a total current liabilities of 5,480,000 as of December 31, 2021 before recording the following items: December 2021 utilities of 50,000 were recorded and paid on January 7, 2022; Cash dividends of 290,000 were declared and paid in January 2022. NV Corp. 2021 financial statements were authorized for issue on February 14, 2022; Employee taxes in 2021 were understated by 20,000 What is the current total current liabilities as of December 31, 2021?
Sprite Company had the following liabilities at December 31, 2019:Trade accounts payable, net of debit balances totaling P65,000 in supplier’saccounts P1,125,000Accrued expenses 136,000Interest payable 96,000Income tax payable 150,000Mortgage payable due in equal annual instalments until October 31, 2024 750,000Share dividends declared but not yet issued 300,000Notes payable (due on January 1, 2021) 250,000 How much is the total current liabilities of Sprite to be shown on its December 31, 2019 statement of financial position?a. P1,722,000 c. P2,207,000b. P1,272,000 d. P2,022,000
Cicamore Company had the following information related to its current liabilities for the year ended December 31, 2022. Notes payable arising from 5-year bank loans, on which a security valued at P600,000 have been pledge as security, due on December 31, 2023. P500,000 Accounts payable, net of debit balances of P50,000 770,000 Trade notes payable due in 15 months 280,000 Salaries payable 90,000 Employee income tax withheld 11,000 Bonus and profit sharing payable 70,000 Liability for income taxes 250,000 Cash dividends payable 100,000 Share dividend payable 150,000 Dividend in arrears on preference shares 200,000 How much should Cicamore report as current liabilities in its December 31, 2022 statement of financial position?
Lunar Corp. provided the following information on December 31, 2021: .P 550,000 Accounts payable... Notes payable, 8% unsecured, due on July 1, 2023. Accrued expenses.. 4,000,000 350,000 450,000 Contingent liabilities.. Deferred tax liabilities... Bonds payable, 7% due on December 31, 2022. Premium on bonds payable.... 250,000 5,000,000 500,000 The contingent liability is an accrual for possible loss on a P 1,000,000 lawsuit filed against Solar Corp. The legal counsel expects the suit to be settled in 2022 and has estimated that the entity will be liable for damages in the range of P 450,000 to P 750,000. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2022. What is the total amount of current liability that should be shown in Solar Corp.'s December 31, 2021 statement of financial position? -
Mackenzie Corp. is preparing the December 31, 2023, year-end financial statements. Following are selected unadjusted account balances: Estimated warranty liability Income tax expense Mortgage payable, 6% $ 6,590 133,100 480,000 120-day note payable, 5% Unearned revenues Warranty expense $ 93,000 309,000 7,700 Additional information: a. $12,100 of income tax was accrued monthly from January through to November inclusive and paid on the 15th day of the following month. The actual amount of tax expense for the year is determined to be $139,040. b. A customer is suing the company. Legal advisers believe it is probable that the company will have to pay damages, the amount of which will approximate $153,000 given similar cases in the industry. c. During December, Mackenzie had sales of $723,000. 6% of sales typically require warranty work equal to 15% of the sales amount. d. Mortgage payments are made on the first day of each month. e. $112,800 of the Unearned Revenues remain unearned at…
Lappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000 Notes Payable P40,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Compute for the CURRENT LIABILITIES as of December 31, 2021 *take note of the interest-bearing note
1. ABC Company has the following liabilities as of December 31, 2018 a. Trade accounts payable, net of debit balance in supplier's account of P5 000, net of unreleased checks of P4 000, and net of postdated checks of P2 000. 100 000 b. Credit balance in customers' accounts 2 000 c. Financial liability d. Bonds payable (maturing in 10 equal annual install- ments of P100 000) e. 12%, 5-year note payable issued on October 1, 2018 f. Deferred tax liability g. Unearned rent h. Contingent liability i. Reserve for contingencies 50 000 1 000 000 100 000 5 000 4 000 10 000 25 000 Requirement: How much is the total current liabilities?
The accountant for Jaemin Corporation prepared the following schedule of liabilities as of December 31,2022. Accounts payable and accrued expenses 1,650,000Notes payable — trade 1,200,000Notes Payable — bank 8,000,000Wages and salaries payable 350,000Interest payable ?10% mortgage note payable 6,000,00012% mortgage note payable 4,500,000Bonds payable 10,000,000 The following additional information pertains to these liabilities: a. The bank notes payable include two separate notes payable to Minhyung Bank:(1) A P2,000,000, 8% note issued March 1, 2022, payable on demand. Interest is payable eachsix months. Jaemin already made the first semi-annual interest payment on August 31, 2022. (2) A 2-year, P6,000,000, 11 % note issued January 2, 2021. On December 30, 2022, after paying the accrued interest, Jaemin negotiated a written agreement with the Minhyung Bank to replace this note with a 2-year, P6,000,000, 10% note. The new note was issued January 2, 2023.b. The 10% mortgage note was…