Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the Bank loans had a due date of April 1, 2022. How much is the total current liabilities to be presented in statement of financial position as of December 31, 2020?
Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the Bank loans had a due date of April 1, 2022. How much is the total current liabilities to be presented in statement of financial position as of December 31, 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Monday Company provided the following information on December 31, 2020:
| Notes payable: | |
| Trade | P2,500,000 |
| Bank loans | 4,000,000 |
| Advances from employees | 250,000 |
| Accounts payable after deducting debit balances in supplier’s accounts of P500,000 | 5,000,000 |
| Bank overdraft | 600,000 |
| Property dividends payable | 750,000 |
| Share dividend payable | 400,000 |
| Withholding tax payable | 200,000 |
| Mortgage payable | 2,000,000 |
| Income tax payable | 1,000,000 |
| Estimated warranty liability | 500,000 |
| Estimated damages payable by reason of breach of contract | 650,000 |
| Accrued liabilities | 850,000 |
| Estimated premium liabilities | 350,000 |
| Claim for increase in wages by employees covered in a pending lawsuit | 2,000,000 |
| Contract entered into for the construction of building | 4,000,000 |
P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the Bank loans had a due date of April 1, 2022.
How much is the total current liabilities to be presented in
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