Current and Noncurrent liabilities 2. Patience Co.'s liabilities as of December 31, 20x1 include the following: Accounts payable Held for trading financial liabilities Note payable (P1M due in 20x3) Unearned revenue Dividends payable Deferred tax liability Requirement: Compute for the total current liabilities. P500,000 1,000,000 2,800,000 300,000 800,000 200,000

Current and Noncurrent liabilities 2. Patience Co.'s liabilities as of December 31, 20x1 include the following: Accounts payable Held for trading financial liabilities Note payable (P1M due in 20x3) Unearned revenue Dividends payable Deferred tax liability Requirement: Compute for the total current liabilities. P500,000 1,000,000 2,800,000 300,000 800,000 200,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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67. BT21 Company reported the following account balances on December 31, 2021:· Accounts payable- P1,900,000· Bonds payable - P3,400,000· Premium on bonds payable- P200,000· Deferred tax liability- P400,000· Dividend payable- P500,000· Income tax payable- P900,000· Note payable due January 31, 2022- P600,000On December 31, 2021, what total amount should be reported as current liabilities?
On January 1, 2022, the ledger of Vaughn Company contains these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan. 5 12 During January, these selected transactions occurred. 14 20 21 $57,000 25 8,400 16,500 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($8,400). Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $22,500 from Girard Bank on a 3-month, 8 %, $22.500 note. Sold merchandise for cash totaling $9,288, which includes 8% sales taxes.
The following information pertains to Luna Company as at September 30, 2020:a. Notes payable – bank, P35,000b. Accounts payable arising from purchase of goods, P1,125,000c. Dividends in arrears on preference shares, not yet declared, P250,000d. Income tax payable, P134,000e. Accrued liabilities, P42,000f. Mortgage payable, P2,250,000g. Customers’ deposits, P89,000h. Reserve for contingencies, P250,000What is the total amount of liabilities that should be reported on Luna's statement of financial position as at September 30, 2020?
Godo At May 31, 2019, FOR Deliveries reported the following amounts (in millions) in its financial statements:20192018Total Assets$ 70,000$ 68,000Total Liabilities46,20042,160Interest Expense736750Income Tax Expense155260Net Income7806,275 Required: 1. Compute the debt-to-assets ratio and times interest earned ratio for 2019 and 2018. 2-a. In 2019, were creditors providing a greater (or lesser) proportion of financing for FOR’s assets? 2-b. In 2019, was FOR more (or less) successful at covering its interest costs, as compared to 2018?
1. ABC Company has the following liabilities as of December 31, 2018 a. Trade accounts payable, net of debit balance in supplier's account of P5 000, net of unreleased checks of P4 000, and net of postdated checks of P2 000. 100 000 b. Credit balance in customers' accounts 2 000 c. Financial liability d. Bonds payable (maturing in 10 equal annual install- ments of P100 000) e. 12%, 5-year note payable issued on October 1, 2018 f. Deferred tax liability g. Unearned rent h. Contingent liability i. Reserve for contingencies 50 000 1 000 000 100 000 5 000 4 000 10 000 25 000 Requirement: How much is the total current liabilities?
19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts receivable Accounts payable Notes payable Loans payable Income tax payable Warranty obligations Deferred revenue Cumulative, redeemable preference shares at the option of the holder Non-cumulative, non-redeemable preference shares What is the total amount considered as financial liabilities? A. 4,620,000 B. 3,620,000 C. 4,600,000 D. 4,500,000 P300,0000 450,000 1,200,000 500,000 1,800,000 120,000 180,000 240,000 1,000,000 2,000,000
5. On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assame tht t Current Labilities snAvp year of Alton Co. ends July 31. Using the 360-day year in your calculations, what is the amount of interest expense recognized by Alton in the current fiscal year? fiscal $1,200.00 b. $106.67 $306.67 а. с. DIF: Moderate KEY: Bloom's: Application d. $400.00 OBJ: LO: 11-01 PTS: ANS: C NAT: BUSPROG: Analytic 120. c20 000 6%
Cute 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 Required: Compute for the current liabilities as of December 31, 2021
Entity A has the following liabilities as of December 31, 2021. a. Trade accounts payable, net of debit balance in supplier's account of P10,000, net of unreleased checks of P8,000, and net of postdated checks of P4,000 P600,000 b. Credit balance in customers’ accounts 4,000 c. Financial liability designated at FVPL 100,000 d. Bonds payable maturing in 10 equal annual installments of P200,000 2,000,000e. 12%, 5-year note payable issued on Oct. 1, 20x1 200,000 f. Deferred tax liability 10,000 g. Unearned rent 8,000 h. Contingent liability 20,000 i. Reserve for contingencies 50,000 j. Income taxes withheld from employees 50,000 k. Cash in bank at Siniloan Bank 352,000 l. Cash overdraft at Famy Bank 60,000m. Estimated premium claims outstanding 70,000n. Claims for increase in wages covered in a pending lawsuit 190,000 Requirement: How much is the total current liabilities? a. 2,430,000 c. 968,000 b. 1,120,000 d. 940,000
RM Company disclosed the following information on December 31, 2021: Accrued rent expense Share dividends payable Accounts receivable, after deducting credit balances of customers accounts amounting to P42, 500 Estimated premium liability Cash in bank, net of bank overdraft of P22,650 54,000 750,000 179,300 65,800 481,900 215,500 Deferred tax liability Accounts payable, net of debit balances in suppliers' accounts amounting to P8,310 Unearned interest income 95,420 225,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 Cash dividends payable SSS payable Serial bonds payable in 5 yearly installment of P250,000 payable every October 31 Estimated damages because of a supposed unsatisfactory performance on a contract, a possible obligation Income tax payable Notes payable 1,500,000 1,000,000 520,000 57,100 1,250,000 75,000 138,500 460,000…
Recording and Reporting Liabilities The following selected transactions of Johnson Motors Company were completed during the current accounting year ended December 31. 1. March 1, borrowed $55,000 on a two-year, 12% interest-bearing note. Interest is paid annually. 2. April 1, borrowed cash and signed a $44,000, two-year, noninterest-bearing note. The market rate for this level of risk was 12%. 3. June 1, purchased a truck with a list price of $72,600. Paid $6,600 cash and signed a $66,000, one-year, noninterest-bearing note. The market rate for this level of risk was 12%. 4. During the year, sold merchandise for $66,000 cash that carried a two-year warranty for parts and labor. A reasonable estimate of the cost of the warranty is 1.5% of sales revenue. By December 31, actual warranty costs amounted to $550. 5. June 1, Johnson cosigned and guaranteed payment of a $110,000, 14%, one-year note owed by a local supplier to City Bank. The bank required a cosignature; but Johnson believes…
The following information is provided by Domino Pty Ltd (tax rate 30%). Date Transaction Amount ($) 01.07.19 Credit franking account balance 1,000 28.07.19 PAYG instalment paid for June quarter 2018/19 8,000 31.08.19 Paid annual GST for 2018/19 11,000 30.09.19 Paid final dividend from 2018/19 – 60% franked 42,000 25.10.19 PAYG instalment paid for Sep quarter 2019/20 4,000 28.10.19 Paid income tax from 2018/19 income tax return 7,500 15.12.19 Received 70% franked dividend 16,000 15.02.20 Paid interim dividend – fully franked 42,000 28.02.20 PAYG instalment paid for Dec quarter 2019/20 4,000 28.05.20 PAYG instalment varied to $0 from Mar quarter 0 30.06.20 Final dividend declared for 2019/20 9,000 The company bench mark percentage is 60% Taxable income of the company for the 2019/20 tax year was $50,000 Required Prepare the franking account of Domino Pty Ltd for the 2019/20 franking…