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
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
Chapter2: The Domestic And International Financial Marketplace
Section2.A: Taxes
Problem 2P
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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
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:
- TOTAL CURRENT LIABILITIES
- TOTAL NON-CURRENT LIABILITIES
- TOTAL LIABILITIES
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