Reference no: EM133150202
Question - Trust Company provided the following account balances on December 31, 2021:
Accounts payable P450,000
Notes payable 900,000
Income tax payable 96,000
Deferred tax liability 120,000
Further analysis of Trust Company's accounts revealed the following:
1. Accounts payable included the following:
Customer credit balance, P30,000
Debit balances in suppliers' accounts P80,000 which was deducted.
Advances from shareholders, P200,000, call date April 1, 2022.
2. Notes payable included the following:
69%, 3-year note, face amount P400,000 from Confidence Company, due date March 31, 2022. On December 31, 2021, Trust Company and Confidence Company signed a refinancing contract that will extend the due date to March 31, 2023.
8%, 3-year note, face amount P500,000 from Believe Company, due date August 1, 2022. On January 1, 2022, Trust Company completed a refinancing contract that will extend the due date to August 1, 2024.
Required -
What is the amount reported as current liabilities on December 31, 2021?
What is the amount reported as non-current liabilities on December 31, 2021?
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