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Problem 7 AHAVA Company provided the following information on December 31, 2019: Accounts Payable, net of creditors; debit balances of P200,000 Accrued expenses Bonds Payable due December 31, 2021 Premium on bonds payable Deferred tax liability Income tax payable Cash dividend payable Share dividend payable Note payable-6% due March 1, 2020 Note payable-8% due October 1, 2020 P2,000,000 800,000 4,500,000 500,000 500,000 1,100,000 600,000 400,000 1,500,000 1,000,000 The financial statement for 2019 were issued on March 31, 2020. On December 31, 2019, the 6% note payable was refinanced on a long-term basis. Under the loan agreement, the entity has the discretion to refinance the 8% note payable for at least twelve months after December 31, 2019. 1. What amount should be reported as total current liabilities? 2. What amount should be reported as total non-current liabilities?

Problem 7 AHAVA Company provided the following information on December 31, 2019: Accounts Payable, net of creditors; debit balances of P200,000 Accrued expenses Bonds Payable due December 31, 2021 Premium on bonds payable Deferred tax liability Income tax payable Cash dividend payable Share dividend payable Note payable-6% due March 1, 2020 Note payable-8% due October 1, 2020 P2,000,000 800,000 4,500,000 500,000 500,000 1,100,000 600,000 400,000 1,500,000 1,000,000 The financial statement for 2019 were issued on March 31, 2020. On December 31, 2019, the 6% note payable was refinanced on a long-term basis. Under the loan agreement, the entity has the discretion to refinance the 8% note payable for at least twelve months after December 31, 2019. 1. What amount should be reported as total current liabilities? 2. What amount should be reported as total non-current liabilities?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 7 AHAVA Company provided the following information on December 31, 2019: Accounts Payable, net of creditors; debit balances of P200,000 Accrued expenses P2,000,000 800,000 Bonds Payable due December 31, 2021 Premium on bonds payable Deferred tax liability Income tax payable Cash dividend payable Share dividend payable 4,500,000 500,000 500,000 1,100,000 600,000 400,000 Note payable-6% due March 1, 2020 Note payable-8% due October 1, 2020 1,500,000 1,000,000 The financial statement for 2019 were issued on March 31, 2020. On December 31, 2019, the 6% note payable was refinanced on a long-term basis. Under the loan agreement, the entity has the discretion to refinance the 8% note payable for at least twelve months after December 31, 2019. 1. What amount should be reported as total current liabilities? 2. What amount should be reported as total non-current liabilities? Problem 8 Benguet Company provided the following information at year-end: Share Capital P15,000 Share Premium 5,000 Treasury shares, at cost Actuarial loss on defined benefit plan Retained earnings unappropriated Retained earnings appropriated Revaluation surplus Cumulative translation adjustment-credit 2,000 1,000 6,000 3,000 4,000 1,500 What amount should be reported as total shareholder's equity?
Transcribed Image Text:Problem 7 AHAVA Company provided the following information on December 31, 2019: Accounts Payable, net of creditors; debit balances of P200,000 Accrued expenses P2,000,000 800,000 Bonds Payable due December 31, 2021 Premium on bonds payable Deferred tax liability Income tax payable Cash dividend payable Share dividend payable 4,500,000 500,000 500,000 1,100,000 600,000 400,000 Note payable-6% due March 1, 2020 Note payable-8% due October 1, 2020 1,500,000 1,000,000 The financial statement for 2019 were issued on March 31, 2020. On December 31, 2019, the 6% note payable was refinanced on a long-term basis. Under the loan agreement, the entity has the discretion to refinance the 8% note payable for at least twelve months after December 31, 2019. 1. What amount should be reported as total current liabilities? 2. What amount should be reported as total non-current liabilities? Problem 8 Benguet Company provided the following information at year-end: Share Capital P15,000 Share Premium 5,000 Treasury shares, at cost Actuarial loss on defined benefit plan Retained earnings unappropriated Retained earnings appropriated Revaluation surplus Cumulative translation adjustment-credit 2,000 1,000 6,000 3,000 4,000 1,500 What amount should be reported as total shareholder's equity?
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