Problem 2 Andale Inc. provided the following information on Dec. 31, 2021 Notes payable: Trade P 3,000,000 Bank loans 2,000,000 500,000 Advances from officers Accounts payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable Withholding tax payable Mortgage payable Income tax payable 1,000,000 100,000 3,800,000 800,000 Estimated warranty liability Estimated damages payable by reason of breach of contract Accrued liabilities 600,000 700,000 900,000 Estimated premium liability Claim for increase in wage by employees covered in a pending lawsuit Contract entered into for the construction of building 200,000 3,500,000 5,000,000 Required: Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021
Problem 2 Andale Inc. provided the following information on Dec. 31, 2021 Notes payable: Trade P 3,000,000 Bank loans 2,000,000 500,000 Advances from officers Accounts payable - trade 4,000,000 Bank overdraft 300,000 Dividends payable Withholding tax payable Mortgage payable Income tax payable 1,000,000 100,000 3,800,000 800,000 Estimated warranty liability Estimated damages payable by reason of breach of contract Accrued liabilities 600,000 700,000 900,000 Estimated premium liability Claim for increase in wage by employees covered in a pending lawsuit Contract entered into for the construction of building 200,000 3,500,000 5,000,000 Required: Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic: Liabilities
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Transcribed Image Text:Problem 2
Andale Inc. provided the following information on Dec. 31, 2021
Notes payable:
Trade
P 3,000,000
Bank loans
2,000,000
500,000
Advances from officers
Accounts payable - trade
4,000,000
Bank overdraft
300,000
Dividends payable
Withholding tax payable
Mortgage payable
Income tax payable
1,000,000
100,000
3,800,000
800,000
Estimated warranty liability
Estimated damages payable by reason of breach of contract
Accrued liabilities
600,000
700,000
900,000
Estimated premium liability
Claim for increase in wage by employees covered in a pending lawsuit
Contract entered into for the construction of building
200,000
3,500,000
5,000,000
Required:
Compute the (a) total current liabilities and (b) total noncurrent liabilities on Dec. 31, 2021
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