1. On December 31, 2021, Sampaguita Company provided the following information:Accounts Payable, including advances from customers of P50,000450,000Deferred advertising income30,000Mortgage payable2,000,000Estimated damages payable by reason of breech of contract220,000Claim for increase in wages by employees covered in pending lawsuitShare dividend payable1,600,000300,00016,000Percentage Taxes PayableBonds Payable, due allay 20223,000,000Discount on Bonds Payable60,000Compute total current liabilities on December 31, 2021.

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

On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 450,000 Deferred advertising income 30,000 Mortgage payable 2,000,000 Estimated damages payable by reason of breech of contract Claim for increase in wages by employees covered in pending lawsuit Share dividend payable 220,000 1,600,000 300,000 Percentage Taxes Payable 16,000 Bonds Payable, due allay 2022 Discount on Bonds Payable 3,000,000 60,000 Compute total current liabilities on December 31, 2021.

On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 450,000 Deferred advertising income 30,000 Mortgage payable 2,000,000 Estimated damages payable by reason of breech of contract Claim for increase in wages by employees covered in pending lawsuit Share dividend payable 220,000 1,600,000 300,000 Percentage Taxes Payable 16,000 Bonds Payable, due allay 2022 Discount on Bonds Payable 3,000,000 60,000 Compute total current liabilities on December 31, 2021.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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