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Problem 1 On December 31, 2021, EC Company provided the following information: Accounts payable, including deposits and advances from customer ofP 250,000 P1,250,000 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 1,500,000 400,000 200,000 Serial bonds payable in semi-annual installment of P 500,000 5,000,000

Problem 1 On December 31, 2021, EC Company provided the following information: Accounts payable, including deposits and advances from customer ofP 250,000 P1,250,000 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 1,500,000 400,000 200,000 Serial bonds payable in semi-annual installment of P 500,000 5,000,000

FINANCIAL ACCOUNTING
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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Problem 1 On December 31, 2021, EC Company provided the following information: Accounts payable, including deposits and advances from customer of P 250,000 P 1,250,000 Notes payable, including note payable to bank due on December 31, 2023 of P 500,000 1,500,000 400,000 Share dividend payable Credit balance in customer's accounts 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
Transcribed Image Text:Problem 1 On December 31, 2021, EC Company provided the following information: Accounts payable, including deposits and advances from customer of P 250,000 P 1,250,000 Notes payable, including note payable to bank due on December 31, 2023 of P 500,000 1,500,000 400,000 Share dividend payable Credit balance in customer's accounts 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
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