Exodus Company’s trial balance reflected the following account balances on December 31,

2021:
Cash, net of company’s post-dated check of P50,000 P470,000
Bank overdraft – NFCPAR Bank 90,000
Accounts Receivable, net of customer’s credit balance of P30,000 220,000
Accounts payable, net of debit balance in supplier’s accounts amounting 325,000
to P25,000
Bonds Payable 1,700,000
Discount on bond’s payable 100,000
Deferred tax liability 200,000
Property dividends payable 200,000
Income tax payable 150,000
Note payable, due January 31, 2023 250,000
Contingent liability 75,000
Share dividends payable 160,000
Cash dividends payable 40,000
Financial liabilities at FVTPL 65,000
Reserve for contingencies 215,000
Estimated expenses of meeting warranties 167,000
Estimated damages as a result of unsatisfactory performance on a 134,000
contract
Mortgage payable 500,000
Loans payable (payable in four equal annual installment) 250,000
The bank overdraft is part of the cash management strategy of the company.
Required: Determine the total current and noncurrent liabilities for the year ended
December 31, 2021.
Accounts payable (P325,00 + P50,000 + P25,0000) 400,000
Customer’s credit balance 30,000
Property dividends payable 200,000
Income tax payable 150,000
Cash dividends payable 40,000
Financial liabilities at FVTPL 65,000
Estimated expenses of meeting warranties 167,000
Estimated damages as a result of unsatisfactory performance 134,000
on a contract
Loans payable – current (P250,000/4) 62,500
Total Current Liabilities 1,248,500

Bonds payable 1,700,000

Discount on bonds payable (100,000)
Deferred tax liability 200,000
Note payable, due January 31, 2023 250,000
Mortgage payable 500,000
Loans payable – noncurrent (P250,000 – P62,500) 187,500
Total Non-current liabilities 2,737,500