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. Requirement: a). How much is the current portion of the Accounts Payable? (Input your answers without peso sign but with comma example 50,000) b).How shall CHI present the 6% NP? (Write CL if Current or NCL if Non-Curren) How shall CHI present the 7% NP? (Write CL if Current or NCL if Non-Current) C.) How shall CHI present the 8% NP? (Write CL if Current or NCL if non curren)
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. Requirement: a). How much is the current portion of the Accounts Payable? (Input your answers without peso sign but with comma example 50,000) b).How shall CHI present the 6% NP? (Write CL if Current or NCL if Non-Curren) How shall CHI present the 7% NP? (Write CL if Current or NCL if Non-Current) C.) How shall CHI present the 8% NP? (Write CL if Current or NCL if non curren)
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money
Section: Chapter Questions
Problem 9.2E
Related questions
Question
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.
Requirement:
a). How much is the current portion of the Accounts Payable? (Input your answers without peso sign but with comma example 50,000)
b).How shall CHI present the 6% NP? (Write CL if Current or NCL if Non-Curren)
How shall CHI present the 7% NP? (Write CL if Current or NCL if Non-Current)
C.) How shall CHI present the 8% NP? (Write CL if Current or NCL if non curren)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning