Twice KPOP Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 P150,000 Required: Compute for the Current liabilities as of December 31, 2021
Twice KPOP Company disclosed the following information on December 31, 2021: SSS payable P20,000 Notes Payable P40,000 Deferred tax liability P10,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Mortgage payable, issued on March 1, 2012, maturing after 10 years P1,500,000 Accounts receivable, after deducting credit balances of customers’ accounts amounting to ₱42, 500 P150,000 Required: Compute for the Current liabilities as of December 31, 2021
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Twice KPOP Company disclosed the following information on December 31, 2021:
| SSS payable | P20,000 |
| Notes Payable | P40,000 |
| P10,000 | |
| Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 |
P1,000,000 |
| Mortgage payable, issued on March 1, 2012, maturing after 10 years | P1,500,000 |
accounts amounting to ₱42, 500 |
P150,000 |
Required:
Compute for the Current liabilities as of December 31, 2021
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