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Compute for the total current liabilities as of December

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Reference no: EM132639138

Question - Entity C's liabilities as of December 31, 20x1 (current year-end) include the following:

P10,000,000, 8-year loan maturing on December 31, 20x2. Entity C intends to refinance this liability on a long-term basis on February 2, 20x2. Entity C's 20x1 financial statements were authorized for issue on March 31, 20x2

P6,000,000 loan that is payable on demand. There is no indication as of December 31, 20x1 that the creditor will demand repayment within the next 12 months

P14,000,000 loan due on December 31, 20x9. Entity C. breached a loan provision accelerating the repayment of this loan within the next 12 months. However, on January 12, 20x2, the creditor granted Entity C a 12-month grace period to rectify the breach, within which the creditor will not demand immediate repayment.

Requirement - Compute for the total current liabilities as of December 31, 20x1.

Reference no: EM132639138

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