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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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