Current Liabilities Included in Dwight Corporation's liability account balances at Dec. 31, 2021, were the following: 14% - note payable issued Oct. 1, 2019, maturing Sept. 30, 2022 P250,000 16% - note payable issued.Apr. 1, 2019, payable in six annual installments of P100,000 beginning Apr. 1, 2020 400,000 Dwight's Dec. 31, 2021, financial statements were issued on Mar. 31, 2022. On Jan. 15, 2022, the entire P400,000 balance of the 16 percent note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on Mar. 10, 2022, Dwight consummated a noncancelable agreement with the lender to refinance the 14 percent, P250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions. On the Dec. 31, 2021, statement of financial position, the amount of the notes payable that Dwight should classify as noncurrent obligations is a. P100,000 b. P250,000 c. P300,000 d. P650,000
Current Liabilities
Included in Dwight Corporation's liability account balances at Dec. 31, 2021, were the following:
| 14% - note payable issued Oct. 1, 2019, maturing Sept. 30, 2022 |
P250,000 |
|
16% - note payable issued.Apr. 1, 2019, payable in six annual installments of P100,000 beginning Apr. 1, 2020 |
400,000 |
Dwight's Dec. 31, 2021, financial statements were issued on Mar. 31, 2022. On Jan. 15, 2022, the entire P400,000 balance of the 16 percent note was refinanced by issuance of a long-term obligation payable in a lump sum. In addition, on Mar. 10, 2022, Dwight consummated a noncancelable agreement with the lender to refinance the 14 percent, P250,000 note on a long-term basis, on readily determinable terms that have not yet been implemented. Both parties are financially capable of honoring the agreement, and there have been no violations of the agreement's provisions.
On the Dec. 31, 2021,
a. P100,000
b. P250,000
c. P300,000
d. P650,000
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