Accounts payable – trade P 4,000,000 Notes payable: Trade 3,000,000 Bank loans 2,000,000 Advances from officers 500,000 Bank overdraft 300,000 Contract entered into for the construction of building 5,000,000 Dividends payable 1,100,000 Withholding tax payable 100,000 Mortgage payable 3,800,000 Estimated damages payable by reason of breach of contract 700,000 Income tax payable 800,000 Estimated warranty liability 600,000 Accrued liabilities 900,000 Estimated premium payable 200,000 Claim for increase in wages by employees 3,500,000   Mann Company’s liability account balances on June 30, 2020 included a 10% note payable in the amount of P3,600,000. The note is dated October 1, 2019 and payable in three equal annual payments of P1,200,000 plus interest. The first interest and principal payment was made on October 1, 2020.In the June 30, 2022 statement of financial position,   1.what amount relating to this note would be presented under current liabilities?   2. Compute the total current liabilities on December 31, 2021.

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
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Problem 86APSA: Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses....
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Accounts payable – trade P 4,000,000
Notes payable:
Trade 3,000,000
Bank loans 2,000,000
Advances from officers 500,000
Bank overdraft 300,000
Contract entered into for the construction of building 5,000,000
Dividends payable 1,100,000
Withholding tax payable 100,000
Mortgage payable 3,800,000
Estimated damages payable by reason of breach of contract 700,000
Income tax payable 800,000
Estimated warranty liability 600,000
Accrued liabilities 900,000
Estimated premium payable 200,000
Claim for increase in wages by employees 3,500,000

 

Mann Company’s liability account balances on June 30, 2020 included a 10% note payable in the amount of P3,600,000. The note is dated October 1, 2019 and payable in three equal annual payments of P1,200,000 plus interest. The first interest and principal payment was made on October 1, 2020.In the June 30, 2022 statement of financial position,
 
1.what amount relating to this note would be presented under current liabilities?
 
2. Compute the total current liabilities on December 31, 2021.
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