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350 13,400 2020 2019 Television sales in units 550 460 Sales price per unit P5,000 P4,000 Number of service contracts sold 300 Expenses relating to television warranties 38,520 BUGS' accountant has estimated from past records that the pattern of repairs has been 40% in the year of sale, 36% first year after sale and 24% on 2nd year of sale. Sales of the contracts are made evenly during the year. a. What is the adjusted balance of the unearned service contract as of December 31, 2020? b. How much profit on service contract would be recognized in year 2020? 5. PANISNAPANIS Company has the following three loans payable scheduled to be repaid in February of next year. The company's accounting year ends on December 31. The company intends to repay loan 1 for Php 100,000 when it comes due in February. In the following October, the company intends to get a new loan for Php 80,000 form the same bank. The company intends to refinance loan 2 for Php 150,000 when it comes due in February. The refinancing agreement, for 180,000 will be signed in April after the financial statements for this year have been authorized for issue. The company intends to refinance loan 3 for Php 200,000 before it comes due in February. The actual refinancing, for Php 175,000, took place in January, before the financial statements for this year have been authorized for issue.. As of December 31 of this year, the total non current liabilities to be reported in the company's statement of financial position should be? 6. An analysis of Cool company's liabilities disclosed the following: Accounts payable, after deducting debit balances in suppliers account amounting to Php 22,500 (accounts payable include Non-trade liabilities of Php 32,500) Php 105,000 Accrued expenses 15,000 Credit balance of customers' accounts 13,500 Stock dividends payable 70,000 Claims for increase in wages and allowances by employees of the company, covered in a pending lawsuit. 125,000 Estimated liabilities for premiums 60,000 How much should be presented as total current liabilities in the balance sheet? 350 13,400 2020 2019 Television sales in units 550 460 Sales price per unit P5,000 P4,000 Number of service contracts sold 300 Expenses relating to television warranties 38,520 BUGS' accountant has estimated from past records that the pattern of repairs has been 40% in the year of sale, 36% first year after sale and 24% on 2nd year of sale. Sales of the contracts are made evenly during the year. a. What is the adjusted balance of the unearned service contract as of December 31, 2020? b. How much profit on service contract would be recognized in year 2020? 5. PANISNAPANIS Company has the following three loans payable scheduled to be repaid in February of next year. The company's accounting year ends on December 31. The company intends to repay loan 1 for Php 100,000 when it comes due in February. In the following October, the company intends to get a new loan for Php 80,000 form the same bank. The company intends to refinance loan 2 for Php 150,000 when it comes due in February. The refinancing agreement, for 180,000 will be signed in April after the financial statements for this year have been authorized for issue. The company intends to refinance loan 3 for Php 200,000 before it comes due in February. The actual refinancing, for Php 175,000, took place in January, before the financial statements for this year have been authorized for issue.. As of December 31 of this year, the total non current liabilities to be reported in the company's statement of financial position should be? 6. An analysis of Cool company's liabilities disclosed the following: Accounts payable, after deducting debit balances in suppliers account amounting to Php 22,500 (accounts payable include Non-trade liabilities of Php 32,500) Php 105,000 Accrued expenses 15,000 Credit balance of customers' accounts 13,500 Stock dividends payable 70,000 Claims for increase in wages and allowances by employees of the company, covered in a pending lawsuit. 125,000 Estimated liabilities for premiums 60,000 How much should be presented as total current liabilities in the balance sheet