how much should be reported as current liabilities
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In the December 31, 2021
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- Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.On December 31, 2021, the bookkeeper of Grand Company provided the following information: Accounts payable, including deposits and advances from customers Of P500,000 Notes payable, including note payable to bank due on December 31, 2023 for P1,000,000 Share dividends payable P2,500,000 3,000,000 800,000 Credit balance in customers' accounts 400,000 Serial bonds, payable in semi annual installments of P1,000,000 Accrued interest on bonds payable 10,000,000 300,000 Contested BIR tax assessment 600,000 Unearned rent income 100,000 In the December 31, 2021 statement of financial position, how much current liabilities should be reported?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.
- 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 31,2021The data below are from the records of DUSK, INC. on December 31, 2019. The amount to be shown as total current liabilities on Dusk's statement of financial position at December 31, 2019, is Accounts payable Cash balance DEF Bank Cash overdraft with ABS Bank Customers accounts with credit balances Didends in arrears on preference shares P680.000 1.240.000 80 000 25.000 400.000 Employees income tax payable Estimated warranty payable 100.000 50 000 Estimated premium claims outstanding Income tax payable Notes payable (issued in 2019 maturing in 20 semi-annual installments beginning on April 1. 2020) Salaries payable 90.000 400.000 4,000,000 400,000 Your answerOn December 31, 2019, the bookkeeper of Tiger Company provided the following information: What is the total current liabilities on December 31, 2019? * Accounts payable, trade Dividends payable 3,600,000.00 600,000.00 Withholding tax payable 185,000.00 Notes payable, including note payable on bank due Dec 2024 of P200,000 1,800,000.00 Bank overdraft 300,000.00 Accrued interest on bonds payable 125,000.00 Bonds Payable,6% 5,000,000.00 Stock dividends payable 140,000.00
- Lappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000 Notes Payable P40,000 Notes payable due to bank, 12% interest bearing note payable yearly,issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Compute for the CURRENT LIABILITIES as of December 31, 2021 *take note of the interest-bearing noteAn entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank statement balance 4,000,000 Check drawn on entity’s account, payable to supplier, dated and recorded on December 31, 2020 but not mailed until January 31, 2021 1,000,000 Cash in sinking fund 1,500,000 Treasury bills, purchased November 1, 2020 and maturing January 31, 2021 2,500,000 Time deposit, purchased October 1, 2020 and maturing January 31, 2021 2,000,000 What amount should be reported as cash and cash equivalents on December 31, 2020?Problem 1: On December 31, 2019, the bookkeeper of Glare Company provided the following information. Accounts payable, including deposits and advances from customer of ₱250,000 1,250,000 Notes payable, including note payable to bank on December 31, 2021 of ₱500,000 1,500,000 Stock dividend payable 400,000 Credit balances in customers account 200,000 Serial bonds payable in semiannual 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, 2019. Please show your solution.
- On 14 December 2021, Catz Zone Enterprise received the monthly bank statement for the month of November 2021. The bank statement showed the following information: Union Bank Berhad DateDescription Payments (RM) Receipts (RM) Balance (RM) 1 NovBalance b/d 21,000 3 314566 500 20,500 4 Cheque Deposit- 203201 22,150 21,500 1,650 6. 314567 650 8. 314568 710 20,790 Cheque Deposit - 432512 314569 9. 1,080 19,710 15 800 18,910 19,710 20,210 16 Cheque Deposit - 113998 800 20 Credit Transfer 500 23 Direct Debit 300 19,910 19,610 19,951 24 314570 300 Cheque Deposit - 145321 Bank Charges 26 341 100 19,851 28 The cash records prepared by Catz Zone Enterprise for the month of November 2021 were as follows: Cásh Receipts Journal (Bank column only) Cheque no. Amount (RM) Date Particulars 203201 1,650 3 Nov Sales 432512 1,800 8. Mariam 754654 1,000 13 Andy 113998 800 15 SveraSM Investments Corporation had the following account balances at December 31, 2019:Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________Problem 6The December 31,2019 trial balance of Aboitiz Equity Ventures, Inc.,…SM Investments Corporation had the following account balances at December 31, 2019:Cash on hand and in bank P2,500,000Cash restricted for bonds payable dueOn June 30, 2020 1,000,000Time Deposit 3,000,000Savings deposit set aside for dividendsPayable on March 31, 2020 500,000* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.* Check of P80,000 in payment of accounts payable was dated and recorded on December31, 2019 but mailed to creditors on January 12, 2020.* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recordedand mailed December 31, 2019.*The reporting period is the calendar year. The cash receipts journal was held open untilJanuary 15, 2020 during which time P 100,000 was collected and recorded on December31, 2019.In the current assets section of SM’s December 31, 2019 balance sheet, the amount reportedas cash and cash equivalents is __________