The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000. This balance includes the following items: Notes Payable due in 3 years ₱100,000 Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?

The total liabilities of ABC Company for the period ending December 31, 2021 amounted to ₱300,000. This balance includes the following items: Notes Payable due in 3 years ₱100,000 Interest Payable 3,200 Accounts Payable 140,800 Accrued Salaries Expense 35,000 Accrued Interest Income 4,000 Unearned Commissions Income 12,000 Unused Office Supplies 5,000 What is the correct amount of ABC Company's total liabilities?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

See similar textbooks

Similar questions

On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)
Prince Corporations accounts provided the following information at December 31, 2019: What should be the current balance of retained earnings? a. 520,000 b. 580,000 c. 610,000 d. 670,000
On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 = 450,000Deferred advertising income = 30,000Mortgage payable = 2,000,000Estimated damages payable by reason of breach of contract = 220,000Claim for increase in wages by employees covered in pending lawsuit = 1,600,000Share dividend payable = 300,000Percentage Taxes Payable =16,000Bonds Payable, due May 2022 = 3,000,000Discount on Bonds Payable = 60,000Compute total current liabilities on December 31, 2021.
Rodriguez Corporation includes the following items in its liabilities at December 31, 2020. 1. Notes payable, $25,000,000, due June 30, 2021. 2. Deposits from customers on equipment ordered by them from Rodriguez, $6,250,000. 3. Salaries and wages payable, $3,750,000, due January 14, 2021. Instructions Indicate in what circumstances, if any, each of the three liabilities above would be excluded from current liabilities.
The following balances are extracted from the records of VKS Corporation as of December 31, 2021:· Commercial savings account, DVD- P1,500,000· Commercial checking account, DVD- P1,800,000· Travel advances for executive travel for the 1st quarter of 2022 (employee to reimburse through salary deduction)- P375,000· Cash fund for retirement of long-term debt- P2,000,000· Petty cash fund- P20,000· I.O.U. from an officer- P50,000· Bank overdraft, BPI- P450,000· Certificates of deposits, maturity of 120 days acquired on December 1, 2021- P3,000,000· Check received from customer dated January 2, 2022- P175,000· Maintaining balance at DVD to ensure future credit availability- P200,000· Currency and coin on hand not yet deposited - P25,000 How much will be reported as cash and cash equivalents on December 31, 2021?
Shown below are selected accounts and their balances for the Zay Company as of December 31, 2021 Accounts Payable - P980,000; Accounts Receivable - P2,160,000; Allowance for Bad Debts - P250,000; Cash - P224,000; Wages Payable - P108,000; Trademarks - P450,000; Longterm advances to officers - P1,500,000; Inventory - P830,000; Income Taxes Payable - P720,000; Notes Receivable (short-term) - P970,000; Bond Redemption Fund - P1,800,000; Bonds Payable - P5,000,000; Premium on Bonds Payable - P400,000; Treasury Shares - P576,000 How much were the total current liabilities at December 31, 2021? a. P7,208,000 b. P1,808,000 c. P1,088,000 d. P980,000
Carpet Company had a balance of P800,000 in the warranty liability account on December 31, 2020. The warranty expenditures totaled P2,500,000 for 2021. The warranty expense is calculated at 6% of sales. Sales amounted to P40,000,000 for 2021. What was the balance in the warranty liability account on December 31, 2021?
Castro Company has the following balances in selected accounts on December 31, 2020. Accounts Receivable $ –0– Accumulated Depreciation—Equipment –0–Equipment 7,000 Interest Payable –0– Notes Payable 10,000 Prepaid Insurance 2,100 Salaries and Wages Payable –0– Supplies 2,450 Unearned Service Revenue 32,000 All the accounts have normal balances. The information below has been gathered at December 31, 2020. 1. Castro Company borrowed $10,000 by signing a 9%, one-year note on September 1, 2020. 2. A count of supplies on December 31, 2020, indicates that supplies of $900 are on hand. 3. Depreciation…
Twice KPOP Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’accounts amounting to ₱42, 500 P150,000 Required: Compute for the Current liabilities as of December 31, 2021
The Statement of Financial Position of Sam as at 30 July 2021 showed the following assets and liabilities: 2021 2020 Assets $ $ Cash 15 000 12 500 Accounts receivables 30,000 40,000 Allowance for doubtful debts (3,000) (5,000) Inventory 13,500 10,500 Rent Receivable 7,000 7,500 Plant 100,000 100,000 Accumulated Depreciation - Plant (40,000) (30,000) Deferred Tax Asset ? 3,400 Liabilities Accounts Payable 19,000 16,000 Unearned rent revenue 5,000 3,500 Provision for annual leave 2,500 2,000 Deferred Tax Liability ? 5,200 Additional information a. Accumulated depreciation of plant for tax purposes was $55,000 as at 30 July 2021. b. The tax rate is 30%. Question Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 July 2021.
On April 1, 2028, A Company issued a P 9,000,000 non-interest-bearing note due March 31, 2031, for a piece of land with a cash price of P 6,949,800. Effective interest rate is 9%. Determine the interest expense for the year ended December 31, 2029? A company sells 3-year service contracts for air conditioning units for P1,500 each. Sales of service contracts and repairs are made evenly throughout each year. The company estimates that 15% of repairs are done in the first year from the date of sale, 35% in the second year and 50% in the third year. Service contracts sold in 2021, 2022 and 2023 were 1,400, 1,820 and 1,650, respectively. How much is the unearned revenue from service contracts as of December 31, 2024?
On January 1, 2021, ABC Company acquired an equipment from DEF Company in lieu of cash payment, ABC Company gave DEF Company a 3-year, 3%, P2,000,000 interest-bearing note payable. The interest is payable every December 31 while the principal shall be payable as follows: December 31, 2021, P1,200,000; December 31, 2022, P400,000; and December 31, 2023, P400,000. The prevailing rate of interest for this type of note is 12%. How much is the carrying amount of the note of December 31, 2021? How much is the current portion of the note due on December 31, 2021?

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SWFT Comprehensive Volume 2019

Accounting

ISBN:

9780357233306

Author:

Maloney

Publisher:

Cengage

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Notes Payable due in 3 years	₱100,000
Interest Payable	3,200
Accounts Payable	140,800
Accrued Salaries Expense	35,000
Accrued Interest Income	4,000
Unearned Commissions Income	12,000
Unused Office Supplies	5,000