Problem 1-1

1. Total Current Liabilities

Accounts Payable after deducting debit balances in
supplier's account of Php 100,000 600,000
Accrued Liabilities 50,000
Notes Payable - Due March 31, 2021 1,000,000
TOTAL CURRENT LIABILITIES 1,650,000

2. Total Non-Current Liabilities

Bonds Payable - Due December 31, 2022 2,000,000
Notes Payable - Due May 1, 2021 800,000
TOTAL NON-CURRENT LIABILITIES 2,800,000

Problem 1-2
Accounts payable, including deposits and advances from
customer of Php 250000 1,250,000
Notes Payable 1,000,000
Credit balances on customer's account 200,000
Accrued interests on Bonds Payable 150,000
Unearned Rent Income 100,000
TOTAL CURRENT LIABILITIES 2,700,000

Problem 1-3
Accounts Payable 6,500,000
Notes Payable - Bank 3,000,000
Interests payable 150,000
Mortgage Notes Payable - 10% 2,000,000
Bonds Payable 4,000,000
TOTAL CURRENT LIABILITIES 15,650,000