question archive 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
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
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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. . 89%, 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. Requirement: 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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