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,
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 |
200,000 |
How much should CC report as current liabilities in its December 31, 2022
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