PROBLEM 1ABC has the following information on December 31, 2019.Accounts payable (net of 20,000 debit balance in creditors account) P640,000; Notes payable(including note payable to bank on December 31, 2021 of P1,000,000) P1,500,000; Salaries PayableP800,000; SSS Payable P30,000; Pag-ibig payable P5,000; Medicare Payable P15,000; Withholdingtax payable P60,000; VAT payable P120,000; Customers' accounts with credit balance P50,000; Stockdividends payable P800,000; Serial bonds (payable in semiannual installments of P1,000,000)P10,000,000; Accrued Interest on bonds payable P300,000; Estimated Warranty Payable P420,000;Estimated liability for environmental damages P50,000; Unearned rent income P100,000; Cashadvances from shareholders P200,000.REQUIREMENT: Compute for the current liabilities for 2019

Name: PROBLEM 1ABC has the following information on December 31, 2019.Accou
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Description: PROBLEM 1ABC has the following information on December 31, 2019.Accounts payable (net of 20,000 debit balance in creditors account) P640,000; Notes payable(including note payable to bank on December 31, 2021 of P1,000,000) P1,500,000; Salaries Payab

Computation of actual accounts payable Actual Accounts Payable = Net of Accounts Payable + Debit…

Answered: Compute for the current liabilities for…

Business

Accounting

Compute for the current liabilities for 2019

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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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.
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A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense
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