What amount should be reported as total current liabilities?

 

What amount should be reported as cost of goods sold for the current year?

 

VAL HELSING Company provided the following information on December 31, 2021: Accounts payable (net of creditors' debit balance of P200,000) Accrued expenses 2,000,000 800,000 4,500,000 500,000 500,000 1,100,000 600,000 400,000 1,500,000 1,000,000 Bonds payable due December 31, 2023 Premium on bonds payable Deferred tax liability Income tax payable Cash dividend payable Share dividend payable Note payable - 6% due March 1, 2022 Note payable - 8% due October 1, 2022 The financial statements for 2021 were issued on March 31, 2022. On December 31, 2021, the 6% note payable was refinanced on a long-term basis. Under the loan agreement for the 8% note payable, the entity had the right on December 31, 2021 to roll over the obligation for at least twelve months after December 31, 2021.