Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit balances in supplier’s accounts of P500,000 5,000,000 Bank overdraft 600,000 Property dividends payable 750,000 Share dividend payable 400,000 Withholding tax payable 200,000 Mortgage payable 2,000,000 Income tax payable 1,000,000 Estimated warranty liability 500,000 Estimated damages payable by reason of breach of contract 650,000 Accrued liabilities 850,000 Estimated premium liabilities 350,000 Claim for increase in wages by employees covered in a pending lawsuit 2,000,000 Contract entered into for the construction of building 4,000,000 P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the Bank loans had a due date of April 1, 2022.How much is the total current liabilities to be presented in statement of financial position as of December 31, 2020?

Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit...

Monday Company provided the following information on December 31, 2020:

Notes payable:
Trade	P2,500,000
Bank loans	4,000,000
Advances from employees	250,000
Accounts payable after deducting debit balances in supplier’s accounts of P500,000	5,000,000
Bank overdraft	600,000
Property dividends payable	750,000
Share dividend payable	400,000
Withholding tax payable	200,000
Mortgage payable	2,000,000
Income tax payable	1,000,000
Estimated warranty liability	500,000
Estimated damages payable by reason of breach of contract	650,000
Accrued liabilities	850,000
Estimated premium liabilities	350,000
Claim for increase in wages by employees covered in a pending lawsuit	2,000,000
Contract entered into for the construction of building	4,000,000

P2,000,000 of the Bank loans under Notes payable above is due on June 1, 2021, which was replaced by a 2-year note for the same amount before the financial statements were issued. The other P2,000,000 of the Bank loans had a due date of April 1, 2022.

How much is the total current liabilities to be presented in statement of financial position as of December 31, 2020?

Jun 10, 2022

SOLUTION.PDF

Monday Company provided the following information on December 31, 2020: Notes payable: Trade P2,500,000 Bank loans 4,000,000 Advances from employees 250,000 Accounts payable after deducting debit...

Get Answer To This Question

Related Questions & Answers

Submit New Assignment