Weed Company prepared a draft of its 2020 Statement of Financial Position. The draft statement repoted current liabilities totaling P2,000,000. 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 Advances from customers 185,000 Share dividends payable 300,000 Accrued interest on bonds payable 170,000 Unearned rent income 450,000 Mortgage Payable 800,000 Bonds Payable due 2021 500,000 Discount on bonds payable due 2021 50,000 Bond issue costs 10,000
Weed Company prepared a draft of its 2020
Bank overdraft 45,000
Advances from customers 185,000
Share dividends payable 300,000
Accrued interest on bonds payable 170,000
Unearned rent income 450,000
Mortgage Payable 800,000
Bonds Payable due 2021 500,000
Discount on bonds payable due 2021 50,000
Bond issue costs 10,000
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