Multiple Company provided the following information on December 31, 2021: Accounts payable after deducting debit balances in suppliers' accounts of P100,000 Accrued liabilities Note payable – due March 31, 2022 Note payable Bonds payable - due December 31, 2023 500,000 50,000 1,000,000 800,000 2,000,000 - due May 1, 2022 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. Required: 1. Compute total current liabilities 2. Compute total noncurrent liabilities

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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obligation
300,000
100,000
rent income
Required:
Compute the total current liabilities on December 31, 2020.
Problem #2:
Multiple Company provided the following information on December 31, 2021:
Accounts payable after deducting debit balances in
suppliers' accounts of P100,000
Accrued liabilities
Note payable - due March 31, 2022
Note payable – due May 1, 2022
Bonds payable – due December 31, 2023
500,000
50,000
1,000,000
800,000
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.
Required:
1. Compute total current liabilities
2. Compute total noncurrent liabilities
"Not intended for publication. For classroom instruction purposes only
Transcribed Image Text:obligation 300,000 100,000 rent income Required: Compute the total current liabilities on December 31, 2020. Problem #2: Multiple Company provided the following information on December 31, 2021: Accounts payable after deducting debit balances in suppliers' accounts of P100,000 Accrued liabilities Note payable - due March 31, 2022 Note payable – due May 1, 2022 Bonds payable – due December 31, 2023 500,000 50,000 1,000,000 800,000 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. Required: 1. Compute total current liabilities 2. Compute total noncurrent liabilities "Not intended for publication. For classroom instruction purposes only
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