Account Title Amount Accounts Payable Php 500,000 Accrued Liabilities 50,000 Notes Payable 800,000 Total Current Liabilities
2. Total Non-current Liabilities.
Account Title Amount Notes Payable Php 1,000,000 Bonds Payable 2,000,000 Total Non-current Liabilities
Problem 1-2 1. Total Current Liabilities on December 31, 2020. Account Title Amount Accounts Payable Php 1,000,000 Deposits & Advances from customers 250,000 Notes Payable 1,000,000 Credit Balances in Customer's Account 200,000 Accrued Interest on Bonds Payable 150,000 Unearned Rent Income 100,000 Total Current Liabilities (Dec. 31, 2020)
Problem 1-3 1. Total Interest Payable as of December 31, 2020 Account Title Amount Bank Notes Payable (P300,000 x .08 x 4/12) Php 8,000 Mortgage Notes Payable – 10% (P600,000 x .10 x 3/12) 15,000 Mortgage Notes Payable – 12% (P1,500,00 x .12 x 8/12) 120,000 Total Interest Payable (Dec. 31, 2020)
2. The portion of the Note Payable – bank to be reported under current liabilities as of Dec. 31, '20 Account Title Amount Notes Payable – Bank Php 800,000 Less: P500,000 non-current portion of notes payable -500,000 Portion of Notes Payable – Bank (as Current liabilities) 3. Total Current Liabilities as of December 31, 2020 Account Title Amount Accounts Payable Php 650,000 Notes Payable – trade 190,000 Notes Payable – bank 300,000 Wages and Salaries Payable 15,000 Interest Payable 143,000 Mortgage Notes payable – 10% 600,000 Mortgage Notes Payable – 12% (P220,000 - 180,000) 40,000 Bonds Payable 2,000,000 Total Current Liabilities (Dec. 31, 2020)
4. Total Non-current Liabilities as of December 31, 2020
Account Title Amount Notes Payable – bank Php 500,000 Mortgage Notes Payable – 12% (P1,500,000 - 40,000) 1,460,000 Total Non-Current Liabilities (Dec. 31, 2020)
