The following account balances are available from ABRA Company at December 31, 2022: Accounts Payable – P25,000 Cash Surrender Value of Life Insurance – P29,000 Mortgage Payable (including P200,000 due in six months) – P1,200,000 Notes Payable, 10% (due on January 1, 2025) – P1,500,000 Premium on Notes Payable – P25,000 Ordinary Share, P100 par value – P1,000,000 Ordinary Share Premium – P250,000 Preference Share, P200 par value – P450,000 Dividends Declared - P250,000 Profit and Loss Summary, credit balance – P500,000 Retained Earnings (January 1, 2022) – P550,000 How much is the Current Liabilities at December 31, 2022?

The following account balances are available from ABRA Company at December 31, 2022: Accounts Payable – P25,000 Cash Surrender Value of Life Insurance – P29,000 Mortgage Payable (including P200,000 due in six months) – P1,200,000 Notes Payable, 10% (due on January 1, 2025) – P1,500,000 Premium on Notes Payable – P25,000 Ordinary Share, P100 par value – P1,000,000 Ordinary Share Premium – P250,000 Preference Share, P200 par value – P450,000 Dividends Declared - P250,000 Profit and Loss Summary, credit balance – P500,000 Retained Earnings (January 1, 2022) – P550,000 How much is the Current Liabilities at December 31, 2022?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 94PSB

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