Answered: An entity records on December 31, 20x1…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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An entity records on December 31, 20x1 show the following account balances:

Trade accounts payable (net of P10,000 debit balance in 600,000

Supplier’s account and P8,000 unreleased checks drawn)

Deferred tax liability (expected to reverse in 20x2) 10,000

10%,4-year note payable issued on August 1,20x1 240,000

Bonds Payable (maturing in 5 equal annual installments of P400,000)2,000,000

Reserve for contingencies 50,000

Held for trading financial liabilities 100,000

Income tax payable 100,000

Accrued expenses 10,000

Stock dividends payable 24,000

How much is the total current liabilities?

a. 1,120,000 b. 1,210,000 c. 1,220,000 d. 1,238,000

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

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