Reference no: EM132822024
Question - Company provided the following information on December 31, 2019:
Accounts payable, net of creditors' debit balances P200,000 2,000,000
Accrued expenses 800,000
Bonds payable due December 31, 2020 2,500,000
Premium on bonds payable 300,000
Deferred tax liability 500,000
Income tax payable 1,100,000
Cash dividend payable 600,000
Share dividend payable 400,000
Note payable - 6%, due March 1, 2020 1,500,000
Note payable - 8%, due October 1, 2020 1,000,000
The 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 for the 8% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2019.
What amount should be reported as total current liabilities?
A. 7,500,000
B. 9,000,000
C. 8,000,000
D. 6,900,000
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