NAME: ANDREA FHAYE B. GINES
ACCTG 2200
SECTION: BSAC 2-2
LAB EX. NO. 1
PROBLEM 1-1
CURRENT LIABILITIES
Accounts Payable
Accrued Liabilities
Notes Payable- due March 31, 2021
Notes payable- due May 1, 2021
Total Current Liabilities
P
P
500,000
50,000
1,000,000
800,000
2,350,000
NON- CURRENT LIABILITIES
Bonds Payable- due December 31, 2022
Total Non- Current Liability
P
P
2,000,000
2,000,000
P
1,000,000
250,000
1,000,000
200,000
150,000
100,000
2,700,000
PROBLEM 1-2
CURRENT LIABILITIES
Accounts Payable
Deposits and Advances from Customers
Notes Payable
Credit Balances in Customers Accounts
Accrued Interest on Bonds Payable
Unearned Rent Income
Total Current Liabilities
P
PROBLEM 1-3
INTEREST PAYABLE
Notes Payable to bank (300,000 x 0.08 x 4/12)
Mortgage Notes Payable (600,000 x 0.10 x 3/12)
Mortgage Notes Payable (1,500,000 x 0.12 x 8/12)
Total Interest Payable as of Dec. 31, 2020
P
8,000
15,000
120,000
143,000
PORTION OF NOTE PAYABLE TO BE REPORTED UNDER CURRENT LIABILITY AS OF
12/31/2020
P
300,000
P
650,000
190,000
300,000
P
CURRENT LIABILITIES
Accounts Payable
Notes Payable- Trade
Notes Payable- Bank
Wages and Salaries Payable
Interest Payable
Mortgage Notes Payable- 10%
Mortgage Notes Payable- 12% (220,000 - 180,000)
Bonds Payable
Total Current Liabilities
P
15,000
143,000
600,000
40,000
2,000,000
3,938,000
NON- CURRENT LIABILITIES
Notes Payable- Bank
Mortgage Notes Payable- 12% (1,500,000 - 40,000)
Total Non- Current Liabilities
P
P
500,000
1,460,000
1,960,000