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Multiple Company had the following liabilities on December 31, 2021: Accounts payable after deducting debit P 500,000 balances in supplier’s accounts of P100,000 Accrued liabilities 150,000 Note payable – due March 31, 2022 1,000,000 Note payable – due May 1, 2022 800,000 Bonds payable – due December 31, 2023 2,000,000 On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022.   1. Compute the total non-current liabilities as of December 31, 2021   2. Compute the total current liabilities as of December 31, 2021

Multiple Company had the following liabilities on December 31, 2021: Accounts payable after deducting debit P 500,000 balances in supplier’s accounts of P100,000 Accrued liabilities 150,000 Note payable – due March 31, 2022 1,000,000 Note payable – due May 1, 2022 800,000 Bonds payable – due December 31, 2023 2,000,000 On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022.   1. Compute the total non-current liabilities as of December 31, 2021   2. Compute the total current liabilities as of December 31, 2021

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter9: Long-term Liabilities
Section: Chapter Questions
Problem 94PSB
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Multiple Company had the following liabilities on December 31, 2021:
Accounts payable after deducting debit P 500,000
balances in supplier’s accounts of P100,000
Accrued liabilities 150,000
Note payable – due March 31, 2022 1,000,000
Note payable – due May 1, 2022 800,000
Bonds payable – due December 31, 2023 2,000,000
On March 1, 2022 before the 2021 financial statements were issued, the note payable of P1,000,000 was replaced by an 18-month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2022. The financial statements were issued on March 31, 2022.

 
1. Compute the total non-current liabilities as of December 31, 2021
 
2. Compute the total current liabilities as of December 31, 2021
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