Question
CC Company has the following information available as of December 31, 2019: 15% Note payable (due January 31, 2020) 650,000 14% Note payable 100,000 13%
CC Company has the following information available as of December 31, 2019:
15% Note payable (due January 31, 2020) 650,000
14% Note payable 100,000
13% Note payable (due June 30, 2021) 210,000
12% Note payable (due December 1, 2020) 180,000
11% Note payable 430,000
Additional information:
14% note payable on December 31, 2019, the entity has the discretion to refinance the note for another 12 months from the date of original maturity.
13% note payable CC failed to comply with the requirements of the contract, thus there was a breach
12% note payable On February 1, 2020, before the 2019 financial statements were issued, the note payable was replaced by 2-year note for the same amount. 11% note payable On December 31, 2019, the entity plans to negotiate a written agreement with its creditor to replace the note with a 16-month, P430,000,
8% note to be issued on January 3, 2020.
Compute for the liabilities to be classified as current.
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