Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable – P1,000,000; Accounts receivable – 45,000; Unearned rent revenue – P288,000; Withholding tax payable – P258,000; Reserves – P75,000; Bonds payable due in 2025 – P5,000,000; Accrued interest expense - P225,000; Trademark – P390,000. How much should Emmanuel report as total liabilities in its December 31, 2021 statement of financial position? A. 6,771,000 B. 6,891,000 C. 6,846,000 D. 6,666,000

Emmanuel, Inc. reported the following items in its December 31, 2021 trial balance: Accounts payable – P1,000,000; Accounts receivable – 45,000; Unearned rent revenue – P288,000; Withholding tax payable – P258,000; Reserves – P75,000; Bonds payable due in 2025 – P5,000,000; Accrued interest expense - P225,000; Trademark – P390,000. How much should Emmanuel report as total liabilities in its December 31, 2021 statement of financial position? A. 6,771,000 B. 6,891,000 C. 6,846,000 D. 6,666,000

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 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets at December 31, 2020?
The following accounts and their balances appear in an unadjusted trial balance of Achiever Company as of December 31, 2020: Cash and Cash Equivalents - 400,000; Trade and other receivables - 2,000,000; Subscription receivable - 375,000; Inventory -500,000; Trade and other payables - 670,000; Income tax payable - 196,500. Additional information: a) Trade and other receivables include long term advances to company officers amounting to P430,000. b) The subscription receivable has the following call dates: June 30, 2021, P200,000; December 31, 2021, P100,000; and June 30, 2022, P75,000. c) Trade and other payables include dividends payable amounting to P170,000, of which P70,000 is payable in cash and P100,000 is distributable in Achiever's own shares. What is the total current assets and total current liabilities at December 31, 2020?
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