Compute the current liabilities and noncurrent liabilities

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Reference no: EM132822051

Question - Multiple Company provided the following information on December 31, 2020:

Accounts payable, P600,000

Accrued liabilities, P 50,000

Note payable - due March 31, 2021, P1,000,000

Note payable - due May 1, 2021, P 800,000

Note payable - due December 31, 2022, P2,000,000

On February 1, 2021 before the 2020 financial statements were issued, the note payable of P1,000,000 was replaced by an 18 month note for the same amount. The entity is considering similar action on the P800,000 note due on May 1, 2020. The financial statements were issued February 2, 2021.

Required - Compute the current liabilities and noncurrent liabilities.

Reference no: EM132822051

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