Ray Company had the following liabilities on December 31, 2021: · Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000 · Accrued expenses- P136,000 · Interest payable- P96,000 · Income tax payable- P150,000 · Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000 · Share dividends declared but not yet issued- P300,000 · Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000 How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position? CHOICES: P2,207,000 P1,722,000 P1,272,000 P2,022,000
Ray Company had the following liabilities on December 31, 2021: · Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000 · Accrued expenses- P136,000 · Interest payable- P96,000 · Income tax payable- P150,000 · Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000 · Share dividends declared but not yet issued- P300,000 · Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000 How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position? CHOICES: P2,207,000 P1,722,000 P1,272,000 P2,022,000
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
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 12MC: (Appendix 14.1)Pamlico Company has a 500,000, 15%, 3-year note dated January 1, 2019, payable to...
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47. Ray Company had the following liabilities on December 31, 2021:
· Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000
· Accrued expenses- P136,000
· Interest payable- P96,000
· Income tax payable- P150,000
· Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000
· Share dividends declared but not yet issued- P300,000
· Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000
How much is the total current liabilities of Ray Company to be shown on its December 31, 2021statement of financial position ?
· Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000
· Accrued expenses- P136,000
· Interest payable- P96,000
· Income tax payable- P150,000
· Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000
· Share dividends declared but not yet issued- P300,000
· Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000
How much is the total current liabilities of Ray Company to be shown on its December 31, 2021
CHOICES:
P2,207,000
P1,722,000
P1,272,000
P2,022,000
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