FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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he following are information from the books of Kwek-Kwek Malls and Tickets Company as of December 31, 2021:

• Signing of employment contract by a new employee on April 1, 2021. Her salary is P25,000 a month.

• The company declared P50,000 cash dividends on cumulative preference shares.

• Declared P100,000 share dividends to ordinary shareholders.

• Declared a property dividend worth P80,000 to ordinary shareholders.

• Receipt of goods to be sold for the account of the consignor, P20,000.

• Withholding taxes on employee’s compensation, P90,000.

• Receipt of land with a fair value of P600,000 from the city government of Pangasinan. Based on the agreement, the company needs to set up a branch on the site.

• Sold refundable tickets for a concert to be held on April 9, 2022, P100,000.

How much are the total liabilities to be recognized by the company?

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