Question: Based on your audit, compute for the correct total current liabilities of Duonoma Company based on below data provided. In the audit of the DUONOMA
Based on your audit, compute for the correct total current liabilities of Duonoma Company based on below data provided. In the audit of the DUONOMA COMPANY financial statements at December 31, 2022, the chief accountant of the said corporation provided the following information: Notes payable: Arising from purchase of goods B 345,000 Arising from 5 year-bank loans, on which marketable securities valued at P600,000 have been pledged as security, P400,000 due on June 30, 2023; P100,000 due on Dec. 31, 2023 500,000 Arising from advances by officers, due June 30, 2023 50,000 Reserve for general contingencies 500.000 Employees' income tax withheld 50,000 Advances received from customers on purchase orders 95,000 Containers' deposit 55,000 Accounts payable arising from purchase of goods, net of debit balances of P30,000 180,000 Accounts receivable, net of credit balances P50,000 360,000 Cash dividends payable 100,000 Stock dividends payable 80,000 Dividends in arrears on preferred stock, not yet declared 210,000 Convertible bonds, due January 31, 2024 1,000,000 First mortgage serial bonds, payable in semi-annual installments of P50,000, due April 1 and October 1 of each year 2,100,000 Overdraft with Banco de Oro 95,000 Cash in bank balance with PNB 395,000 Estimated damages to be paid as a result of unsatisfactory performance on a contract 180,000 Estimated expenses on meeting guarantee for service requirements on merchandise sold 150,000 Estimated premiums payable 85,000 Deferred revenue 90,000 Accrued interest on bonds payable 355,000 Common stock warrants outstanding 130,000 Unused letters of credit 300,000 Deficiency VAT assessment being contested 400,000 On March 1, 2023, the P400,000 note payable was replaced by an 18-month note for the same amount. Duonoma is considering similar action on the P100,000 note payable due on December 31, 2023. The 2022 financial statements were issued on March 31, 2023. On December 1, 2022, a former employee filed a lawsuit seeking P200,000 for unlawful dismissal. Duonoma's attorneys believe that the suit is without merit. No court date has been set. On January 15, 2023, the BIR assessed Duonoma an additional income tax of P400,000 for the 2018 tax year. Duonoma's attorneys and tax accountants have stated that it is likely that the BIR will agree to a P300,000 settlement. P 2,500,000 P 2,760,000 O P 2,810,000 None of the above !Compute for the total noncurrent liabilities based on provided data of Duonoma Company. In the audit of the DUDNDMA COMPANY financial statements at December 31, 2022, the chief accountant of the said corporation provided the following information: Notes payable: Arising from purchase of goods 9 345,000 Arising from 5 year-bank loans, on which marketable securities valued at PB00,000 have been pledged as security, P400000 due on June 30, 2023; P100000 due on Dec. 31, 2023 Arising from advances by officers, due June 30, 2023 50,000 Reserve for general continuenci es Employees' Income tax Withheld Advances received from customers on purchase orders Containers' deposit Accounts payable arising from purchase of goods. net of debit balances of P30.000 Accounts receivable, net of credit balances P50,000 Cash dividends payable Stock dividends payable Dividends in arrears on preferred stock, not yet declared Convertible bonds, due January 31, 2024 First mortgage serial bonds, payable in semi-annual installments of P50.000. due April 1 and October 1 of each year Overdraft with Banco de Dro Cash in bank balance with PNB Estimated damages to be paid as a result of unsatisfactory performance on a contract Estimated expenses on meeting guarantee for service requirements on merchandise sold Estimated premiums payable Deferred revenue Accrued interest on bonds payable Common stock warrants outstanding Unused letters of credit Deficiency VAT assessment being contested On March 1. 2023. the P400000 note payable was replaced by an 18-month note for the same amount. Duonoma is considering similar action on the P100000 note payable due on December 31. 2023. The 2022 financial statements were issued on March 31. 2023. On December 1, 2022, a former employee filed a lawsuit seeking P200000 for unlawful dismissal. Duonoma's attorneys believe that the suit is without merit. No court date has been set. On January 15. 2023, the BIB assessed Duonoma an additional income tax of P400000 for the 2018 tax year. Duonoma's attorneys and tax accountants have stated that it is likely that the SIR will agree to a P300000 settlement. O 132,900,000 0 P3000000 (Q P 3,300,000 n 0 None of the above Compute for the total liabilities based on provided data of Trinoma Company. In the audit of the DUCINDMA COMPANY financial statements at December 31, 2022, the chief accountant of the said corporation provided the following information: Notes payable: Arising from purchase of goods 9 345,000 Arising from 5 year-bank loans, on which marketable securities valued at P500,000 have been pledged as security, P400,000 due on June 30, 2023; P100,000 due on Dec. 31, 2023 Arising from advances by officers, due June 30, 2023 50,000 Fleserve for general continuenci es Employees' Income tax Withheld Advances received from customers on purchase orders Containers' deposit Accounts payable arising from purchase of goods. net of debit balances of P30,000 Accounts receivable, net of credit balances P50,000 Cash dividends payable Stock dividends payable Dividends in arrears on preferred stock, not yet declared Convertible bonds, due January 31, 2024 First mortgage serial bonds, payable in semi-annual installments of P50.000. due April 1 and Dctober 1 of each year Clverdraft with Banco de Dro Cash in bank. balance with PNB Estimated damages to be paid as a result of unsatisfactory performance on a contract Estimated expenses on meeting guarantee for service requirements on merchandise sold Estimated premiums payable Deferred revenue Accrued interest on bonds payable Common stock. warrants outstanding Unused letters of credit Deficiency VAT assessment being contested Cln March 1, 2023, the P400,000 note payable was replaced by an 10-month note for the same amount. Duonoma is considering similar action on the P100,000 note payable due on December 31, 2023. The 2022 financial statements were issued on March 31, 2023. Cln December 1. 2022, a former employee filed a lawsuit seeking P200000 for unlawful dismissal. Duonoma's attorneys believe that the suit is without merit. No court date has been set. Cln January 15. 2023. the SIR assessed Duonoma an additional income tax of P400000 for the 2010 tax year. Duonoma's attorneys and tax accountants have stated that it is likely that the EIIH will agree to a P300001 settlement. O P 5,400,000 P5,810,000 O P6,110,000 n 0 None of the above
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