Multiple Company had the following liabilities on December 31, 2021: Accounts payable after deducting debit P 500,000 balances in supplier’s accounts of P100,000 Accrued liabilities 150,000 Note payable – due March 31, 2022 1,000,000 Note payable – due May 1, 2022 800,000 Bonds payable – due December 31, 2023 2,000,000 On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 2021
Multiple Company had the following liabilities on December 31, 2021: Accounts payable after deducting debit P 500,000 balances in supplier’s accounts of P100,000 Accrued liabilities 150,000 Note payable – due March 31, 2022 1,000,000 Note payable – due May 1, 2022 800,000 Bonds payable – due December 31, 2023 2,000,000 On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022. 1. Compute the total non-current liabilities as of December 31, 2021 2. Compute the total current liabilities as of December 31, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Multiple Company had the following liabilities on December 31, 2021:
Accounts payable after deducting debit P 500,000
balances in supplier’s accounts of P100,000
Accrued liabilities 150,000
Note payable – due March 31, 2022 1,000,000
Note payable – due May 1, 2022 800,000
Bonds payable – due December 31, 2023 2,000,000
On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022.
1. Compute the total non-current liabilities as of December 31, 2021
2. Compute the total current liabilities as of December 31, 2021
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education