Lappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000 Notes Payable P40,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Compute for the CURRENT LIABILITIES as of December 31, 2021 *take note of the interest-bearing note
Lappy Company disclosed the following information on December 31, 2021: Accounts Payable P20,000 Notes Payable P40,000 Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 P1,000,000 Compute for the CURRENT LIABILITIES as of December 31, 2021 *take note of the interest-bearing note
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Lappy Company disclosed the following information on December 31, 2021:
| Accounts Payable | P20,000 |
| Notes Payable | P40,000 |
| Notes payable due to bank, 12% interest bearing note payable yearly, issued on August 31, 2021, maturing on August 31, 2022 |
P1,000,000 |
Compute for the CURRENT LIABILITIES as of December 31, 2021
*take note of the interest-bearing note
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