1. What should be reported as total current liabilities?2. What amount should be reported as total noncurrent liabilities? Answer questions 1 and 2 based on the given data below:Chertsey Company provided the following information on December 31, 2019:Accounts payable, net of creditors' debit balances P200,000Accrued expenses2,000,000800,0004,500,000Bonds payable due December 31, 2021Premium on bonds payableDeferred tax liabilityIncome tax payableCash dividend payableShare dividend payable500,000500,0001,100,000600,000400,000Note payable - 6%, due March 1, 2020Note payable - 8%, due October 1, 20201,500,0001,000,000The financial statements 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 monthsafter December 31, 2019.

Name: 1. What should be reported as total current liabilities?2. What amount
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Description: 1. What should be reported as total current liabilities?2. What amount should be reported as total noncurrent liabilities? Answer questions 1 and 2 based on the given data below:Chertsey Company provided the following information on December 31, 2019

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1. What should be reported as total current liabilities? 2. What amount should be reported as total noncurrent liabilities?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter17: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 48P

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