Weed Company prepared a draft of its 2020 Statement of Financial Position. The draft statement reported current liabilities totaling P2,000,00O. However, none of the following items were included in this preliminary total at December 31, 2020. At which amount should Weed Company's current liabilities be correctly reported in the December 31, 2020 Statement of Financial Position? * Bank overdraft 45,000.00 Advances from customers 185,000.00 Share dividends payable 300,000.00 Accrued interest on bonds payable 170,000.00 Unearned rent income 450,000.00 Mortgage Payable 800,000.00 Bonds payable due 2021 500,000.00 Discount on bonds payable due 2021 50,000.00 Bond issue costs 10,000.00

Weed Company prepared a draft of its 2020 Statement of Financial Position. The draft statement reported current liabilities totaling P2,000,00O. However, none of the following items were included in this preliminary total at December 31, 2020. At which amount should Weed Company's current liabilities be correctly reported in the December 31, 2020 Statement of Financial Position? * Bank overdraft 45,000.00 Advances from customers 185,000.00 Share dividends payable 300,000.00 Accrued interest on bonds payable 170,000.00 Unearned rent income 450,000.00 Mortgage Payable 800,000.00 Bonds payable due 2021 500,000.00 Discount on bonds payable due 2021 50,000.00 Bond issue costs 10,000.00

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 11C

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