The following information pertains to Luna Company as at September 30, 2020: a. Notes payable – bank, P35,000 b. Accounts payable arising from purchase of goods, P1,125,000 c. Dividends in arrears on preference shares, not yet declared, P250,000 d. Income tax payable, P134,000 e. Accrued liabilities, P42,000 f. Mortgage payable, P2,250,000 g. Customers’ deposits, P89,000 h. Reserve for contingencies, P250,000 What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
The following information pertains to Luna Company as at September 30, 2020: a. Notes payable – bank, P35,000 b. Accounts payable arising from purchase of goods, P1,125,000 c. Dividends in arrears on preference shares, not yet declared, P250,000 d. Income tax payable, P134,000 e. Accrued liabilities, P42,000 f. Mortgage payable, P2,250,000 g. Customers’ deposits, P89,000 h. Reserve for contingencies, P250,000 What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 1BCRQ
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The following information pertains to Luna Company as at September 30, 2020:
a. Notes payable – bank, P35,000
b. Accounts payable arising from purchase of goods, P1,125,000
c. Dividends in arrears on
d. Income tax payable, P134,000
e. Accrued liabilities, P42,000
f. Mortgage payable, P2,250,000
g. Customers’ deposits, P89,000
h. Reserve for contingencies, P250,000
What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
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