Reference no: EM133140173
Questions -
Q1. Ray Company had the following liabilities on December 31, 2021:
Trade accounts payable, net of debit balances totaling P65,000 in suppliers' accounts- P1,125,000
Accrued expenses- P136,000
Interest payable- P96,000
Income tax payable- P150,000
Mortgage payable due in equal annual installments until Oct 31, 2026- P750,000
Share dividends declared but not yet issued- P300,000
Claims for the unclaimed wages by employees of the company covered in a pending lawsuit (not considered to be probable)- P250,000
How much is the total current liabilities of Ray Company to be shown on its December 31, 2021 statement of financial position?
a. P1,722,000
b. P2,022,000
c. P1,272,000
d. P2,207,000
Q2. A business pays weekly salaries of 20,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on Thursday is
a. debit Salary Expense, 16,000; credit Drawing, 16,000
b. debit Salary Expense, 16,000; credit Salaries Payable, 16,000
c. debit Drawing, 16,000; credit Cash, 16,000
d. debit Salaries Payable, 16,000; credit Cash, 16,000
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