Multiple Company provided the following information on December 31, 2020:Accounts payable after deducting debit balances in supplier's accountsof P100.000Accrued liabilitiesNote payable - due March 31. 2021Note payable - due May 31, 2023Note payable - due December 31, 2022P500.000P50.000P1.000.000P800.000P2.000.000On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month notefor the same amount.During November 1, 2020, the Company breached a covenant pertaining to the May 31,2023 note, making it due and demandable. On December 24, 2020, the creditor agreed tonot to demand payment for 13 months from the date of breach.The note payable maturing on December 31, 2022, which was acquired on June 30, 2018.The creditor has the right to call the note 36 months from issuanceHow much is the total current liabilities as of December 31. 2020? Multiple Company provided the following information on December 31, 2020:Accounts payable after deducting debit balances in supplier's accountsof P100,000P500,000Accrued liabilitiesP50,000Note payable - due March 31, 2021P1,000,000Note payable - due May 31, 2023P800,000Note payable - due December 31, 2022P2,000,000On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month notefor the same amount.During November 1, 2020, the Company breached a covenant pertaining to the May 31,2023 note, making it due and demandable. On December 24, 2020, the creditor agreed tonot to demand payment for 13 months from the date of breach.The note payable maturing on December 31, 2022, which was acquired on June 30, 2018.The creditor has the right to call the note 36 months from issuance.How much is the total current liabilities as of December 31, 202O?

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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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Multiple Company provided the following information on December 31, 2020: Accounts payable after deducting debit balances in supplier's accounts of P100.000 Accrued liabilities Note payable - due March 31. 2021 Note payable - due May 31, 2023 Note payable - due December 31, 2022 P500.000 P50.000 P1.000.000 P800.000 P2.000.000 On December 27, 2020 the note payable of P1,000,000 was replaced by an 18-month note for the same amount. During November 1, 2020, the Company breached a covenant pertaining to the May 31, 2023 note, making it due and demandable. On December 24, 2020, the creditor agreed to not to demand payment for 13 months from the date of breach. The note payable maturing on December 31, 2022, which was acquired on June 30, 2018. The creditor has the right to call the note 36 months from issuance How much is the total current liabilities as of December 31. 2020?

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