Problem 1On December 31, 2021, EC Company provided the following information:Accounts payable, including deposits and advancesfrom customer of P 250,000P 1,250,000Notes payable, including note payable to bank due onDecember 31, 2023 of P 500,0001,500,000400,000Share dividend payableCredit balance in customer's accounts200,000Serial bonds payable in semi-annual installment of P 500,000Accrued interest on bonds payableContested BIR tax assessment - possible obligation5,000,000150,000300,000Unearned rent income100,000Required:Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021

Current Liabilities: Current liabilities are financial commitments owed by a corporation that are…

On December 31, 2021, EC Company provided the following information: Accounts payable, including deposits and advances from customer of P 250,000 Notes payable, including note payable to bank due on December 31, 2023 of P 500,000 Share dividend payable Credit balance in customer's accounts P1,250,000 1,500,000 400,000 200,000 Serial bonds payable in semi-annual installment of P 500,000 Accrued interest on bonds payable Contested BIR tax assessment - possible obligation 5,000,000 150,000 300,000 Unearned rent income 100,000 Required: Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021

On December 31, 2021, EC Company provided the following information: Accounts payable, including deposits and advances from customer of P 250,000 Notes payable, including note payable to bank due on December 31, 2023 of P 500,000 Share dividend payable Credit balance in customer's accounts P1,250,000 1,500,000 400,000 200,000 Serial bonds payable in semi-annual installment of P 500,000 Accrued interest on bonds payable Contested BIR tax assessment - possible obligation 5,000,000 150,000 300,000 Unearned rent income 100,000 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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