The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018 How much is the total current liabilities?
The following items were identified to comprise CHI company’s liabilities as of December 31, 2016 Accounts payable P500,000 6% notes payable – due January 15, 2017 750,000 7% notes payable – due January 31, 2017 1,200,000 8% notes payable – due January 31, 2017 1,500,000 The following information was made available at the time the 2016 financial statements were being prepared: The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018 The board decided unanimously that it would refinance its 6% notes from bulls lending company. On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018. At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018 How much is the total current liabilities?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following items were identified to comprise CHI company’s liabilities as of December 31, 2016
Accounts payable P500,000
6% notes payable – due January 15, 2017 750,000
7% notes payable – due January 31, 2017 1,200,000
8% notes payable – due January 31, 2017 1,500,000
The following information was made available at the time the 2016 financial statements were being prepared:
The accounts payable balance included a P150,000 advance from the company’s president which is due on June 30, 2018
The board decided unanimously that it would refinance its 6% notes from bulls lending company.
On December 31, 2016. CHI Company completed an agreement with bears financing company to refinance its existing note 7% with another one maturing on January 31, 2018.
At January 2, 2017 CHI company completed an agreement with cubs financing company rescheduling the maturity date of the 8% notes to January 31, 2018
How much is the total current liabilities?
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