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FINANCIAL ACCOUNTING
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 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? * O
Transcribed Image Text:The 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? * O
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