Valix Finacc vol 2 Problem 1-17

Financial Accounting Volume 2 2008 Valix-Peralta
Chapter 1 Problem 1-17

Problem 1-17  Answer  A

6% Note payable                                                                                                        500,000

8% Note payable                                                                                                        800,000

Total current liabilities                                                                                              1,300,000

PAS 1, paragraph 63, provides that an entity shall classify its financial liabilities as current when they are due to be settled within twelve months after balance sheet date even if an agreement to refinance or reschedule payment on a long-term basis is completed after balance sheet date and before the financial statements are authorized for issue.

class� � N r �_� � � ='text-align:justify'>                                                                                                                                  15,650,000