On December 31, 2021, LFV Company reported the following information: Bank overdraft - part of cash management - 20,000 Share dividends payable - 300,000 Loan of MBA guaranteed by LFV (it is possible that MBA will be held liable for the guarantee) - 1,000,000 Deferred tax liability - 30,000 Advances to employees - 90,000 Patent - 100,000 Cash surrender value of officers' life insurance - 150,000 Cash dividends payable - 200,000

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter2: The Domestic And International Financial Marketplace
Section2.A: Taxes
Problem 2P
icon
Related questions
Question

On December 31, 2021, LFV Company reported the following information:

Bank overdraft - part of cash management - 20,000

Share dividends payable - 300,000

Loan of MBA guaranteed by LFV
(it is possible that MBA will be held liable for the guarantee) - 1,000,000

Deferred tax liability - 30,000

Advances to employees - 90,000

Patent - 100,000

Cash surrender value of officers' life insurance - 150,000

Cash dividends payable - 200,000

Income tax payable - 500,000

Unearned rent income - 600,000

Accounts payable - 2,000,000

Loans payable with P1,000,000 payable semi- annually
starting 06/30/2022 - 5,000,000

Discount on bonds payable - 1,000,000
Bonds payable - 10,000,000

 

COMPUTE THE FOLLOWING:

  1. TOTAL CURRENT LIABILITIES
  2. TOTAL NON-CURRENT LIABILITIES
  3. TOTAL LIABILITIES
Expert Solution
steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Recommended textbooks for you
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SWFT Corp Partner Estates Trusts
SWFT Corp Partner Estates Trusts
Accounting
ISBN:
9780357161548
Author:
Raabe
Publisher:
Cengage
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
SWFT Individual Income Taxes
SWFT Individual Income Taxes
Accounting
ISBN:
9780357391365
Author:
YOUNG
Publisher:
Cengage
Income Tax Fundamentals 2020
Income Tax Fundamentals 2020
Accounting
ISBN:
9780357391129
Author:
WHITTENBURG
Publisher:
Cengage
SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
Accounting
ISBN:
9780357391266
Author:
Nellen
Publisher:
Cengage