ABC Company provided the following information on December 31, 2020:Note payableTrade3,000,000Bank loan2,000,000Advances from officers500,000Accounts Payable - trade4,000,000Bank overdraft300,000Dividends payable1,000,000Withholding tax payable100,000Mortgage payable3,800,000Income tax payable800,000Estimated warranty liability600,000Estimated damages payable by reason of breach of contract700,000Accrued liabilities900,000Estimated premium liability200,000Claim for increase in wages by employees covered in a pending lawsuit3,500,000Contract entered into for the construction of a building5,000,000 Mortgage payable3,800,000Income tax payable800,000Estimated warranty liability600,000Estimated damages payable by reason of breach of contract700,000Accrued liabilities900,000Estimated premium liability200,000Claim for increase in wages by employees covered in a pending lawsuit3,500,000Contract entered into for the construction of a building5,000,000What is the total current liabilities on December 31, 2020?O 13,100,000O 13,800,000O 14,100,000O 18,100,000None of these

Current liabilities are a company's short-term financial obligations that are due within one year or…

ABC Company provided the following information on December 31, 2020: Note payable Trade 3,000,000 Bank loan 2,000,000 Advances from officers 500,000 Accounts Payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000

ABC Company provided the following information on December 31, 2020: Note payable Trade 3,000,000 Bank loan 2,000,000 Advances from officers 500,000 Accounts Payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable 1,000,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Income tax payable 800,000 Estimated warranty liability 600,000

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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The following data are provided for Cet Company: December 31 2021 2020 Cash $ 1,500,000 $ 1,000,000 Accounts receivable (net) 1,600,000 1,200,000 Inventories 2,600,000 2,200,000 Plant assets (net) 7,000,000 6,500,000 Accounts payable Income taxes payable 1,100,000 800,000 200,000 100,000 Bonds payable 10% Preferred stock, $50 par 1,400,000 1,400,000 2,000,000 2,000,000 Common stock, $10 par Paid-in capital in excess of par Retained earnings 2,400,000 1,800,000 1,600,000 1,300,000 4,000,000 3,500,000 What is Cet's current ratio for 2021?
From the following particulars of AMN Bank as on 31st December 2020, prepare Income statement and the Balance sheet Particulars Debit Credit Interest on deposits Interest on loans 50,000 75,000 125,000 200,000 Share Capital Deposits Loans Other assets 150,000 50,000 20,000 10,000 Salaries Rent & Repairs Loans against assets Audit fees 50,000 5,000 5,000 Repairs Salaries to Director Furniture & Fixtures Total 10,000 50,000 400,000 400,000 Adjustments: • Provide for depreciation on furniture 20% and on other assets 10% Provide for a loss of credit 20% of loans an outstanding amount of salary of OMR 2000 yet to be paid Salaries to director amounting to OMR 4000 paid in advance.
An entity provided the following information on December 31, 2019: Accounts payable 2,000,000 Accrued expenses 800,000 Bonds payable due December 31, 2020 2,500,000 Premium on bonds payable 300,000 Deferred tax liability 500,000 Income tax payable 1 ,100,000 Cash dividend payable 600,000 Share dividend payable 400,000 Note…
On December 31, 2021, Yohan Company provided the following information: Accounts Payable, Including deposits and advances from customer of P250,000 1,250, 000 Notes payable, including note payable to bank due on December 31, 2022 of 500,000 1.500,000 Share dividend payable 400,000 Credit balances in customer's account 200,000 Serial bonds payable in semi annual installment of 500,000 5,000,000 Accrued interest on bonds payable 150,000 Contested BIR tax assessment - possible obligation 300,000 Unearned rent income 100,000 Required: Compute the total current liabilities on December 31,2021
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On December 31, 2019, Gliezel company provided the following information:Accounts payable, including deposits and advances from customer of 300,0001,500,000Notes payable, including note payable to bank due on December 31, 2021of 600,0001,800,000Stock dividend payable480,000Credit balances in customers accounts240,000Serial bonds payable in semiannual installment of 600,0006,000,000Accrued interest on bonds payable180,000Contested BIR tax assessment – possible obligation360,000Unearned rent income120,000Compute the total current liabilities.
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?
Catriona 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 Note: In the case of the notes payable due to bank, supposing the entity has the discretion to refinance the obligation for at least 12 months after the given maturity date (not reporting period), as seen in its loan agreement, Compute for the current liabilities as of December 31, 2021
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Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the…