An SME provided the following on December 31, 2022: Cash Accounts receivable Prepayments Inventories Investment in associate Property, plant and equipment Accumulated depreciation and impairment Software-net of amortization and impairment Deferred tax asset Bank overdraft Bank loan, fully payable in 2022 and prepayable without penalty Trade payables Interest payable Current tax liability Provision for warranty Employee benefit obligation, current portion, P4,000 Finance lease liability, current portion, P20,000 Share capital Retained earnings 5. What is the total amount of current assets? A. 675,000 B. 615,000 C. 785,000 D. 725,000 6. What is the total amount of current liabilities? A. 810,000 B. 860,000 C. 786,000 D. 806,000 7. What is the total shareholders' equity? A. 2,460,000 B. 2,400,000 C. 2,430,000 D. 2,700,000 25,000 530,000 60,000 60,000 110,000 3,250,000 700,000 10,000 5,000 80,000 50,000 430,000 2,000 270,000 4,000 10,000 44,000 30,000 2,430,000

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Problem 1-2 (IAA) Easy Company provided the following information on December 31, 2020: Notes payable: Trade Bank loans Advances from officers Accounts payable - trade Bank overdraft Dividends payable Withholding tax payable Mortgage payable Income tax payable Estimated warranty liability Estimated damages payable by reason of breach of contract Accrued liabilities Estimated premium liability Claim for increase in wages by employees covered in a pending lawsuit Contract entered into for the construction of building 3,000,000 2,000,000 500,000 4,000,000 300,000 1,000,000 100,000 3,800,000 800,000 600,000 700,000 900,000 200,000 3,500,000 5,000,000 Required: Compute the total current liabilities on December 31, 2020.

Instructions Labels and Amount Descriptions Labels The information below was taken from the records of the Piper Company for the year ended Financing Activities December 31, 2020: Investing Activities Operating Activities Acquisition of building $250,000 Amount Descriptions Amortization of premium on bonds payable 2,000 Amortization of premium on bonds payable Decrease in deferred income tax liability 8,000 Acquisition of building Decrease in inventories 6,000 Cash, January 1, 2020 Decrease in salaries payable 2,000 Cash, December 31, 2020 Depreciation expense 24,000 Converted bonds to preferred stocks Dividends paid 11,000 Depreciation expense Loss on sale of land 18,000 Decrease in inventories Increase in accounts payable 14,000 Decrease in deferred income tax liability Increase in accounts receivable 5,000 Decrease in salaries payable Issuance of long-term bonds payable 150,000 Increase in accounts payable Net income 240,000 Increase in accounts receivable Patent amortization…

Finance Assume that Tim Corporation has 2020 taxable income of $240,000 for purposes of computing the $179 expense. It acquired the following assets in 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.) ASSET PURCHASE DATE BASIS Furniture (7-year) December 1$ 450,000 Computer equipment (5-year) February 28 $90,000 Copier (5-year) July 15 $30,000 Machinery (7-year) May 22 480,000 Total $ 1,050,000 c. What would Tim's maximum depreciation expense deduction be for 2020 if the machinery cost $3,500,000 instead of 480,000 and assuming no bonus depreciation?

Interest payable 79,000 Show how the above accounts should be presented on the December 31, 2020, balance sheet, including the proper classif (Enter account name only and do not provide descriptive information.) V Kingbird Corporation Balance Sheet (Partial) $ $

General Computers Inc. purchased a computer server by taking a loan of $35,000 at 4.50% compounded semi-annually. It made payments of $2,950 at the end of every half-year to settle the loan. a. How many payments are required to settle the loan?

Accrued Expenses: Entity D acquired a piece of land on April 1, 20x1. The purchase price was reduced by a credit for the real property taxes accrued during the year. Entity D records real property taxes at each month-end by adjusting the prepaid tax or tax payable account as appropriate On May 1, 20x1 Entity D paid the first of two equal installments of P72,000 for real property taxes. Requirement: What is the entry to record the payment on May 1?

Problem 2-15 (AICPA Adapted) Brite Company provided the following data on December 31, 2020: Accounts payable Note payable, 8% unsecured, due July 1, 2021 Accrued expenses Contingent liability Deferred tax liability Bonds payable, 7%, due March 31, 2021 Premium on bonds payable 550,000 4,000,000 350,000 450,000 250,000 5,000,000 500,000 The contingent liability is an accrual for possible loss on a P1,000,000 lawsuit filed against the entity. The deferred tax liability is not related to an asset for financial reporting and is expected to reverse in 2021. When total amount should be reported as current liabilities on December 31, 2020? a. 10,350,000 b. 10,150,000 c. 10,400,000 d. 10,950,000

I need help with this question for accounting.