Problem 1-1 (IAA)
On December 31, 2020, Glare Company provided the following
information:
Accounts payable, including deposits and advances
from customer of P250,000 1,250,000
Notes payable, including note payable to bank due on
December 31, 2022 of P500,000 1,500,000
Share dividend payable 400,000
Credit balances in customers' accounts 200,000
Serial bonds payable in semiannual installment
of P500,000 5,000,000
Accrued interest on bonds payable 150,000
Contested BIR tax assessment- possible obligation 300,000
Unearned rent income 100,000
Required:
Compute the total current liabilities on December 31, 2020