Basic Company provided the following information on Dec. 31, 2021 Accounts payable after deducting debit balances in suppliers' account of P 100,000 Accrued liabilities Notes payable - due March 31, 2022 Notes payable - due May 1, 2022 Bonds payable - due December 31, 2023 P 500,000 50,000 1,000,000 800,000 2,000,000 On March 1, 2022, before the 2021 financial statement were issued, the note payable of P 1,000,000 was replaced by an 18-month note for the same amount The entity is considering similar action on the P 800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022 Required: Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021

Basic Company provided the following information on Dec. 31, 2021 Accounts payable after deducting debit balances in suppliers' account of P 100,000 Accrued liabilities Notes payable - due March 31, 2022 Notes payable - due May 1, 2022 Bonds payable - due December 31, 2023 P 500,000 50,000 1,000,000 800,000 2,000,000 On March 1, 2022, before the 2021 financial statement were issued, the note payable of P 1,000,000 was replaced by an 18-month note for the same amount The entity is considering similar action on the P 800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022 Required: Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021

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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