Reference no: EM132817185

Problem - Liabilities - The following information are taken from the statement of financial position of Kakashi Company for the year ended December 31, 2019:

Accounts payable, net of P5,750 debit balance P65,000

Advances from customers 40,000

11% Note payable, net of P15,000 discount on note payable due on December 31, 2020 55,000

15% Bonds payable, due December 31, 2023 80,000

Advances to suppliers 19,000

Bond issued cost 6,000

Discount on bonds payable 8,000

Treasury bonds 20,000

Cash dividend payable, due on February 15, 2020 30,000

Estimated premiums payable 15,000

Warranties payable 12,500

Deferred tax liability 8,000

Deferred tax asset 6,500

Premium on bonds payable 7,500

12% note payable, due December 31, 2026 60,000

Cash and cash equivalents 15,000

Bank overdraft 12,000

Accounts receivable, net of customer's account with credit balance of P5,000 45,000

Investment in bonds 21,000

Share premium 28,000

Share capital 86,000

Accrued rent payable 8,000

Finance lease liability, current portion 5,800

Income tax payable 18,000

Guarantor liability, Kakashi Company as guarantor 20,000

Finance lease liability, noncurrent portion 23,200

Probable loss, arising from a lawsuit filed against Kakashi Company on December 28, 2019 25,000

Retained earnings yearend balance 105,000

Unrealized loss on trading securities 4,500

Contingent gain 8,500

Accrued interest payable 11,500

Accrued interest receivable 3,000

Projected benefit obligation, end 40,000

Stock dividend payable 18,000

Accrued electric bills 3,000

Uneamed rent revenue 2,500

Advances to employees 12,000

Employee income tax withheld 9,000

Prepaid/accrued benefit cost, credit balance 12,500

REQUIRED - Determine adjusted amount of the following account as of December 31, 2019. Show your solution.

a. Total finance lease liability

b. Bonds Payable

c. Fair Value of Plan Assets

d. Current Liabilities

e. Non-current Liabilities