obligation300,000100,000rent incomeRequired:Compute the total current liabilities on December 31, 2020.Problem #2:Multiple Company provided the following information on December 31, 2021:Accounts payable after deducting debit balances insuppliers' accounts of P100,000Accrued liabilitiesNote payable - due March 31, 2022Note payable – due May 1, 2022Bonds payable – due December 31, 2023500,00050,0001,000,000800,0002,000,000On March 1, 2022 before the 2021 financial statements were issued, the note payable ofP1,000,000 was replaced by an 18-month note for the same amount. The entity isconsidering similar action on the P800,000 note due on May 1, 2022. The financialstatements were issued on March 31, 2022.Required:1. Compute total current liabilities2. Compute total noncurrent liabilities"Not intended for publication. For classroom instruction purposes only

Current liabilities include the liabilities that are payable within one year. Long term liabilities…

Multiple Company provided the following information on December 31, 2021: Accounts payable after deducting debit balances in suppliers' accounts of P100,000 Accrued liabilities Note payable – due March 31, 2022 Note payable Bonds payable - due December 31, 2023 500,000 50,000 1,000,000 800,000 2,000,000 - due May 1, 2022 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. Required: 1. Compute total current liabilities 2. Compute total noncurrent liabilities

Multiple Company provided the following information on December 31, 2021: Accounts payable after deducting debit balances in suppliers' accounts of P100,000 Accrued liabilities Note payable – due March 31, 2022 Note payable Bonds payable - due December 31, 2023 500,000 50,000 1,000,000 800,000 2,000,000 - due May 1, 2022 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. Required: 1. Compute total current liabilities 2. Compute total noncurrent liabilities

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 94PSA

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