On December 31, 2021, the bookkeeper of Grand Company provided the following information: Accounts payable, including deposits and advances from customers Of P500,000 Notes payable, including note payable to bank due on December 31, 2023 for P1,000,000 Share dividends payable Credit balance in customers' accounts Serial bonds, payable in semi annual installments of P1,000,000 Accrued interest on bonds payable P2,500,000 3,000,000 800,000 400,000 10,000,000 300,000 Contested BIR tax assessment 600,000 100,000 Unearned rent income In the December 31, 2021 statement of financial position, how much current liabilities should be reported?
On December 31, 2021, the bookkeeper of Grand Company provided the following information: Accounts payable, including deposits and advances from customers Of P500,000 Notes payable, including note payable to bank due on December 31, 2023 for P1,000,000 Share dividends payable Credit balance in customers' accounts Serial bonds, payable in semi annual installments of P1,000,000 Accrued interest on bonds payable P2,500,000 3,000,000 800,000 400,000 10,000,000 300,000 Contested BIR tax assessment 600,000 100,000 Unearned rent income In the December 31, 2021 statement of financial position, how much current liabilities should be reported?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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