1. On December 31, 2021, Sampaguita Company provided the following information:Accounts Payable, including advances from customers of P50,000Deferred advertising incomeMortgage payableEstimated damages payable by reason of breach of contractClaim for increase in wages by employees covered in pending lawsuitShare dividend payablePercentage Taxes Payable450,00030,0002,000,000220,0001,600,000300,00016,000Bonds Payable, due May 20223,000,000Discount on Bonds Payable60,000Compute total current liabilities on December 31, 2021.

Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

1. On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 Deferred advertising income Mortgage payable Estimated damages payable by reason of breach of contract Claim for increase in wages by emplloyees covered in pending lawsuit Share dividend payable Percentage Taxes Payable Bonds Payable, due May 2022 Discount on Bonds Payable 450,000 30,000 2,000,000 220,000 1,600,000 300,000 16,000 3,000,000 60,000 Compute total current liabilities on December 31, 2021.

1. On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, including advances from customers of P50,000 Deferred advertising income Mortgage payable Estimated damages payable by reason of breach of contract Claim for increase in wages by emplloyees covered in pending lawsuit Share dividend payable Percentage Taxes Payable Bonds Payable, due May 2022 Discount on Bonds Payable 450,000 30,000 2,000,000 220,000 1,600,000 300,000 16,000 3,000,000 60,000 Compute total current liabilities on December 31, 2021.

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

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 4MC: Marmol Corporation uses the allowance method for bad debts. During 2019, Marmol charged 50,000 to...

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