Problem 2-17 Willem Company reported the following on December 31, 2020: Accounts payable Short-term borrowings Bonds payable due 2022 Discount on bonds payable Mortgage payable, current portion P500,000 Bank loan, due June 30, 2021 The P1,000,000 bank loan was refinanced with a 5-year loan on December 31, 2020. The financial statements were issued March 1, 2021. 2,000,000 1,500,000 3,000,000 500,000 3,500,000 1,000,000 What total amount should be reported as current liabilities on December 31, 2020? a. 7,500,000 b. 5,000,000 c. 8,500,000 d. 4,000,000

Problem 2-17 Willem Company reported the following on December 31, 2020: Accounts payable Short-term borrowings Bonds payable due 2022 Discount on bonds payable Mortgage payable, current portion P500,000 Bank loan, due June 30, 2021 The P1,000,000 bank loan was refinanced with a 5-year loan on December 31, 2020. The financial statements were issued March 1, 2021. 2,000,000 1,500,000 3,000,000 500,000 3,500,000 1,000,000 What total amount should be reported as current liabilities on December 31, 2020? a. 7,500,000 b. 5,000,000 c. 8,500,000 d. 4,000,000

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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