An analysis of A Co.’s liabilities disclosed the following: Accounts payable after deducting debit balances in suppliers’ accounts amounting to P4,500 (accounts payable included nontrade liabilities of P6,500P21,000Accrued expenses3,000Credit balances of customers’ accounts2,700Stock dividends payable14,000Claims for increase in wages and allowances by employees of the company covered in a pending lawsuit25,000Estimated expenses in redeeming price coupons presented by customers12,000 How much is the total current liabilities to be presented on the balance sheet?

Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Answered: An analysis of A Co.’s liabilities…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 44P

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Burma Company disclosed the following information about liabilities at year-end: Accounts payable, after deducting debit balances in suppliers' accounts amounting to P100,000 = 4,000,000; Accrued expenses = 1,500,000; Credit balances of customers' accounts = 500,000; Share dividend payable = 1,000,000; Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit = 400,000; Estimated expenses in redeeming prize coupons presented by customers = 600,000. What total amount should be presented as current liabilities at year-end?
Industrious Inc. disclosed the following information: Accounts payable, after deducting debit balances in suppliers' accounts amounting to P100,000 P4,000,000 Accrued expenses P1,500,000 Credit balances of customers' accounts P500,000 Share dividend payable P1,000,000 Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit P400,000 Estimated expenses in redeeming prize coupons P600,000 What is the adjusted accounts payable? A. 4,600,000B. 4,100,000C. 4,700,000D. 4,000,000
Industrious Inc. disclosed the following information: Accounts payable, after deducting debit balances in suppliers' accounts amounting to P100,000 P4,000,000 Accrued expenses P1,500,000 Credit balances of customers' accounts P500,000 Share dividend payable P1,000,000 Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit P400,000 Estimated expenses in redeeming prize coupons P600,000 What amount should be reported as total current liabilities?A. 6,500,000B. 6,600,000C. 6,700,000D. 7,700,000
An entity disclosed the following information at year-end: Accounts payable, net of debit balances in suppliers’ accounts P100,000 4,000,000 Accrued expenses 1,500,000 Credit balances of customers’ accounts receivable 500,000 Share dividend payable 1,000,000 Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit 400,000 Estimated expenses in redeeming prize coupons 600,000 What amount should be reported as total current liabilities? a. 6,700,000 b. 6,600,000 c. 7,100,000 d. 7,700,000
RM Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable 138,500…
RMM Company disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
POLKADOT Company y disclosed the following information on December 31, 2021: Accrued rent expense 54,000 Share dividends payable 750,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 179,300 Estimated premium liability 65,800 Cash in bank, net of bank overdraft of ₱22,650 481,900 Deferred tax liability 215,500 Accounts payable, net of debit balances in suppliers’ accounts amounting to ₱8,310 95,420 Unearned interest income 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years 1,500,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 1,000,000 Cash dividends payable 520,000 SSS payable 57,100 Serial bonds payable in 5 yearly installment of ₱250,000 payable every October 31 1,250,000 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation 75,000 Income tax payable…
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2021, included the following accounts: Account Title Debits CreditsSales revenue $2,300,000Cost of goods sold $1,400,000Selling and administrative expense 420,000Interest expense 40,000Gain on debt securities 80,000 The gain on debt securities is unrealized and classified as other comprehensive income. The trial balance does not include the accrual for income taxes. Lindor’s income tax rate is 25%. There were 1,000,000 shares of common stock outstanding throughout 2021.Required:Prepare a single, continuous multiple-step statement of…
1. disclosed the following information: Accounts payable, after deducting debit balance in Suppliers’ accounts amounting to P 100,000…………P 4,000,000 Accrued expenses………………………………………….. 1,500,000 Credit balances of customers’ accounts………………… 500,000 Share dividends distributable……………………………. 1,000,000 Claims for increase in wages and allowances by employees of the entity covered in a pending lawsuit…………………………………………………….. 400,000 Estimated expenses in redeeming prize coupons…….. 600,000 What amount should be reported as total current liabilities? 2, provided you the following information on December 31, 2021: Accounts payable amounted to P 500,000 and accrued expenses totalled P 300,000 on December 31, 2021. On December 31, 2021, the entity declared a cash dividend of P 7.00 per share on 100,000 outstanding shares payable on…
The current liabilities section of the statement of financial position of HOPE CORP. as of December 31, 2018, shows the following balances: Accrued utilities expense P15,000 Advances from customers 40,000 Accrued fines and penalties 5,000 Taxation follows cash basis of accounting for revenues and expenses while the company, in accordance with PFRS, uses accrual accounting. The above fines and penalties are those by which it is treated by taxation as non-deductible. The total base of the liabilities above is:
Alvin Company reported the following information at the end of reporting period: Accounts Payable 1,000,000 Advances to employees 45,000 Unearned rent revenue. 250,000 Bonds Payable. 5,000,000 Discount on bonds payable. 500,000 Trademark 50,000 What amount should be reported in the statement of financial position as total liabilities?
The following accounts, in alphabetical order, appear on the trial balance for a company. What is the total for long-term liabilities? Accounts Payable $32,000Deferred Income Taxes $61,000Interest Payable $17,000Current Portion of Long-term Notes $19,000Mortgage $92,000Notes Payable-Short term $11,000Notes Payable-Long term $41,000Salaries Payable $7,000Taxes Payable $23,000Unearned Revenue $15,000 $194,000 $124,000 $213,000 $217,000 $109,000

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Accounts payable after deducting debit balances in suppliers’ accounts amounting to P4,500 (accounts payable included nontrade liabilities of P6,500	P21,000
Accrued expenses	3,000
Credit balances of customers’ accounts	2,700
Stock dividends payable	14,000
Claims for increase in wages and allowances by employees of the company covered in a pending lawsuit	25,000
Estimated expenses in redeeming price coupons presented by customers	12,000