An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is presented below: Accounts PayableP25,000Unearned Rent Income29,000Ordinary Share Capital, P100 par1,000,000Salaries Payable250,000Mortgage Payable (including P200,000 due in six months )1,200,000Notes Payable, 10% (Due Jan. 1, 2026)1,500,000Share Premium - Ordinary250,000Preference Share Capital, P200 par450,000Premium on Notes Payable25,000Profit and Loss Summary, credit balance500,000Retained Earnings, Jan. 1, 2021550,000Accrued Expenses33,000 How much was Jay Company's total current liabilities at December 31, 2021?

Name: An alphabetical list of account balances from the books of Lay Company
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Description: An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is presented below: Accounts PayableP25,000Unearned Rent Income29,000Ordinary Share Capital, P100 par1,000,000Salaries Payable250,000Mortgage Payable (includi

Current liabilities are amount due to be paid with in a year

Answered: An alphabetical list of account…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

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An alphabetical list of account balances from the books of Lay Company on December 31, 2021 is presented below:

Accounts Payable	P25,000
Unearned Rent Income	29,000
Ordinary Share Capital, P100 par	1,000,000
Salaries Payable	250,000
Mortgage Payable (including P200,000 due in six months )	1,200,000
Notes Payable, 10% (Due Jan. 1, 2026)	1,500,000
Share Premium - Ordinary	250,000
Preference Share Capital, P200 par	450,000
Premium on Notes Payable	25,000
Profit and Loss Summary, credit balance	500,000
Retained Earnings, Jan. 1, 2021	550,000
Accrued Expenses	33,000

How much was Jay Company's total current liabilities at December 31, 2021?

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