Ray Company had the following liabilities on December 31, 2021: · Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000 · Accrued expenses- P136,000 · Interest payable- P96,000 · Income tax payable- P150,000 · Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000 · Share dividends declared but not yet issued- P300,000 · Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000 How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position?
Ray Company had the following liabilities on December 31, 2021: · Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000 · Accrued expenses- P136,000 · Interest payable- P96,000 · Income tax payable- P150,000 · Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000 · Share dividends declared but not yet issued- P300,000 · Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000 How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ray Company had the following liabilities on December 31, 2021:
· Trade accounts payable, net of debit balances totaling P65,000 in suppliers’ accounts- P1,125,000
· Accrued expenses- P136,000
· Interest payable- P96,000
· Income tax payable- P150,000
· Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000
· Share dividends declared but not yet issued- P300,000
· Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000
How much is the total current liabilities of Ray Company to be shown on its December 31, 2021
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