Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Assume the following accounts of CJE Corporation on December 31,2019: Accounts Payable 30,000 Income Tax Payable 400,000 Ordinary Share Capital 1,000,000 Mortgage payable (500,000 due
Assume the following accounts of CJE Corporation on December 31,2019:
Accounts Payable | 30,000 |
Income Tax Payable | 400,000 |
Ordinary Share Capital | 1,000,000 |
Mortgage payable (500,000 due in six months) | 4,000,000 |
Note Payable due January 31,2021 | 200,000 |
Share Premium | 1,500,000 |
Preference Share Capital | 4,500,000 |
Premium on Notes Payable | 200,000 |
Unearned Rent Income | 40,000 |
Employee income taxes witheld | 12,500 |
Bank Overdraft at PNI Bank | 76,000 |
Estimated expenses as a result of meeting warranties | 115,000 |
Advances to subsidiary | 54,000 |
Treasury Shares | 150,000 |
Retained Earnings has the ff information for the year:
Retained Earnings - January 1,2019 | 2,250,000 |
Dividends - Ordinary | 100,000 |
Dividends - Preference | 200,000 |
Loss during the year | 500,000 |
* All dividends are paid during the year |
How much is the total liabilities to be reported in the Statement of Financial Position?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started