Ap 5902 liabilities Study guides, Class notes & Summaries
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AP-5902 Liabilities
- Other • 11 pages • 2023
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CPA REVIEW SCHOOL OF THE PHILIPPINES 
M a n i l a 
AUDITING PROBLEMS 
AUDIT OF LIABILITIES 
PROBLEM NO. 1 
In the audit of the Heats Corporation’s financial statements at December 31, 2005, the 
chief accountant of the said corporation provided the following information: 
Notes payable: 
Arising from purchase of goods 304,000 
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, 2006; P100,000 due on Dec. 31...
ap-5902-liabilities (1)
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