3. Keeper Co. has the following liabilities on December 31, 20x1: Trade and other payables Note payable (issued 3 yrs. ago, maturing on Dec. 31, 20x2) Serial bonds payable (next annual principal installment of P800,000 due July 1,20x2) 2,000,000 6,000,000 5,600,000 On February 28, 20x2, Keeper Co. entered into a non-cancelable agreement with the lender to refinance the note payable on a long- term basis, on readily determinable terms that have not yet been implemented, Keeper Co.'s 20x1 financial statements were authorized for issue on March 31, 20x2. What amount of current lnabilities should Keeper Co. report in its 20x1 statement of financial position? a. 2,000,000 b. 2,800,000 c. 8,800,000 d. 13,600,000
3. Keeper Co. has the following liabilities on December 31, 20x1: Trade and other payables Note payable (issued 3 yrs. ago, maturing on Dec. 31, 20x2) Serial bonds payable (next annual principal installment of P800,000 due July 1,20x2) 2,000,000 6,000,000 5,600,000 On February 28, 20x2, Keeper Co. entered into a non-cancelable agreement with the lender to refinance the note payable on a long- term basis, on readily determinable terms that have not yet been implemented, Keeper Co.'s 20x1 financial statements were authorized for issue on March 31, 20x2. What amount of current lnabilities should Keeper Co. report in its 20x1 statement of financial position? a. 2,000,000 b. 2,800,000 c. 8,800,000 d. 13,600,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:3. Keeper Co. has the following liabilities on December 31, 20x1:
Trade and other payables
Note payable (issued 3 yrs. ago, maturing on Dec. 31, 20x2)
Serial bonds payable (next annual principal installment of
P800,000 due July 1,20x2)
2,000,000
6,000,000
5,600,000
On February 28, 20x2, Keeper Co. entered into a non-cancelable
agreement with the lender to refinance the note payable on a long-
term basis, on readily determinable terms that have not yet been
implemented, Keeper Co.'s 20x1 financial statements were
authorized for issue on March 31, 20x2. What amount of current
liabilities should Keeper Co, report in its 20x1 statement of
financial position?
a. 2,000,000
b. 2,800,000
c. 8,800,000
d. 13,600,000
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