Using the data given below, compute for the total amount of items that meet the definition of financial liability Bank overdraft P 100,000 Accounts payable 1,200,000 Notes payable 500,000 Loans payable 1,800,000 Income tax payable 120,000 Warranty obligations 180,000 Deferred revenue 240,000 Cumulative, redeemable preference shares at the option of the issuer 1,000,000 Non-cumulative, non-redeemable preference shares 2,000,000
Using the data given below, compute for the total amount of items that meet the definition of financial liability Bank overdraft P 100,000 Accounts payable 1,200,000 Notes payable 500,000 Loans payable 1,800,000 Income tax payable 120,000 Warranty obligations 180,000 Deferred revenue 240,000 Cumulative, redeemable preference shares at the option of the issuer 1,000,000 Non-cumulative, non-redeemable preference shares 2,000,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the data given below, compute for the total amount of items that meet the definition of financial liability
|
Bank overdraft |
P 100,000 |
|
Accounts payable |
1,200,000 |
|
Notes payable |
500,000 |
|
Loans payable |
1,800,000 |
|
Income tax payable |
120,000 |
|
Warranty obligations |
180,000 |
|
Deferred revenue |
240,000 |
|
Cumulative, redeemable |
1,000,000 |
|
Non-cumulative, non-redeemable preference shares |
2,000,000 |
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