EXERCISES Exercises Problem 1-1 ALPHA COMPANY has the following liabilities as of December 31, 2016: Trade accounts payable B500,000 Bonds payable 500,000 Trade notes payable 100,000 Security deposit 100,000 Cash dividends payable 80,000 Property dividends payable 75,000 Held-for-trading financial liabilities 60,000 Income tax payable 50,000 Advances from affiliates 50,000 Trade accounts payable granted to officers 30,000 Salaries and wages payable 25,000 SSS premiums payable 22,500 Deferred revenue 20,000 Unearned rent 15,000 Share dividends payable 15,000 Bank overdraft 10,000 Credit balance in customers accounts 8,000 Deferred tax liability 5,000 Accrued expenses 5,000 Additional information: - Deducted from trade accounts payable are as follows: Debit balance from suppliers' accounts B20,000 Undelivered checks 16,000 Postdated checks 8,000 Excluded from trade accounts payable are as follows: Goods received from consignment 218,000 Goods in transit, shipped FOB shipping point 17,500 Goods in transit, shipped FOB destination 15,000 Bonds mature in five equal semi-annual installments. Security deposits was received from a lessee. The amount will be refunded on December 31, 2021. - the deferred tax liability arises from a temporary difference which will reverse in 2017. Page 1 of 2 INTERMEDIATE ACCOUNTING 2: LIABILITIES Required: Determine the amount to be reported in December 31, 2016 financial statements as: 1. Current liabilities (5 points) 2. Non-current liabilities (5 points)