19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts receivable Accounts payable Notes payable Loans payable Income tax payable Warranty obligations Deferred revenue Cumulative, redeemable preference shares at the option of the holder Non-cumulative, non-redeemable preference shares What is the total amount considered as financial liabilities? A. 4,620,000 B. 3,620,000 C. 4,600,000 D. 4.500.000 P300,000 450,000 1,200,000 500,000 1,800,000 120,000 180,000 240,000 1,000,000 2,000,000

19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts receivable Accounts payable Notes payable Loans payable Income tax payable Warranty obligations Deferred revenue Cumulative, redeemable preference shares at the option of the holder Non-cumulative, non-redeemable preference shares What is the total amount considered as financial liabilities? A. 4,620,000 B. 3,620,000 C. 4,600,000 D. 4.500.000 P300,000 450,000 1,200,000 500,000 1,800,000 120,000 180,000 240,000 1,000,000 2,000,000

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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II. The following is a comparative balance sheet of ABC Co. for December 31, 2022 and 2021: Cash and cash equivalents Accounts receivable Inventories Investment in bonds at amortized cost Equipment Accumulated depreciation Total Assets Accounts payable Bonds payable, due 2025 Ordinary stock, P20 par Share premium Retained earnings Total Liabilities and Equity Additional information: . 2022 250,000 327,600 822,000 0 . 2,400,000 (700,000) 3,099,600 359,000 0 1,800,000 280,000 660,600 3,099,600 2021 220,000 356,000 780,000 200,000 2,040,000 (760,000) 2,836,000 • Net income for 2022, P545,600. Depreciation reported on income statement, P140,000. Fully depreciated equipment, no salvage value, was scrapped. Equipment was purchased for P560,000. Bonds of P400,000 were retired at their face value. 281,000 400,000 1,600,000 200,000 355,000 2,836,000 10,000 shares of ordinary stock were issued for cash of P28 per share. Cash dividends declared and paid, P240,000 Investment in bonds with carrying…
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