The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 2021respectively. A section of the comparative statement of financial position is as follows:12/31/202112/31/2020P 1,120,000CashP 745,488110,000Accounts Receivable95,000Inventory135,000?750,000550,000Property, plant and equipmentTotal AssetsP 2,100,000?Accounts Payable?Unearned Revenue?108,000292,000600,000P 1,000,000?Bonds payable (maturing 10/31/2021)Total Liabilities?Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company managesits accounts payable to be 80% of current inventory stocks on hand(Hint: Current ratio = Current Assets/Current Liabilities)4) How much is the reported total liabilities in the company's 2021 statement of financial position?5) How much is the balance of Accounts Payable as of 12/31/2021?-..

Liability is an obligation that an entity has to pay on some future date.

The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 202 respectively. A section of the comparative statement of financial position is as follows: 12/31/2021 12/31/2020 P 1,120,000 Cash Accounts Receivable 95,000 Inventory 135,000 750,000 Property, plant and equipment Total Assets P 2,100,000 Accounts Payable Unearned Revenue 108,000 292,000 600,000 Bonds payable (maturing 10/31/2021) Total Liabilities P 1,000,000 ? Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company manag its accounts payable to be 80% of current inventory stocks on hand (Hint: Current ratio = Current Assets/Current Liabilities) 4) How much is the reported total liabilities in the company's 2021 statement of financial position? 5) How much is the balance of Accounts Payable as of 12/31/2021? P 745,488 110,000 ? 550,000 ? 7227 ? ? ?

The company reported a current ratio of 2.1 and 2.22 as of December 31, 2020 and December 31, 202 respectively. A section of the comparative statement of financial position is as follows: 12/31/2021 12/31/2020 P 1,120,000 Cash Accounts Receivable 95,000 Inventory 135,000 750,000 Property, plant and equipment Total Assets P 2,100,000 Accounts Payable Unearned Revenue 108,000 292,000 600,000 Bonds payable (maturing 10/31/2021) Total Liabilities P 1,000,000 ? Suppose the company was able to raise its unearned revenues by 20% in 2021 and the company manag its accounts payable to be 80% of current inventory stocks on hand (Hint: Current ratio = Current Assets/Current Liabilities) 4) How much is the reported total liabilities in the company's 2021 statement of financial position? 5) How much is the balance of Accounts Payable as of 12/31/2021? P 745,488 110,000 ? 550,000 ? 7227 ? ? ?

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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