Reference no: EM132547803
Question - DEF Company has the following unadjusted balances for the year ended December 31, 2019.
a) Accounts payable- trade, P170,000 This amount is net of P30,000 accounts with debit balances.
b) Notes payable- trade, P70,000 The notes are all with five months term bearing interest at 15%. P50,000 from the notes is dated September 1, while the rest are dated November 3.
c) Advance receipts from customers, P100,000 The goods pertaining to these advances will be delivered in 2020.
d) Containers deposit, P50,000 This is an amount received from customers for returnable containers.
e) Notes payable - BPI, P200,000 This is a long-term note for five years and are being paid-off at the rate of P4,000 per month (monthly payment include interest).
f) Dividends in arrears on cumulative preferred stock, P20,000 The company is yet to declare dividends in 2020.
g) Stock Dividends payable on common stocks, P37,200.
h) Liabilities under guarantee agreement, P90,000 This pertains to DEF's guarantee of its employees' bank loans. As per experience, employees unlikely default on their loan payments.
i) Convertible bonds, P1,000,000 1,000 bonds is convertible to 10 ordinary shares. Amount due on December 31, 2022.
j) Notes Payable -officers, P40,000 This is due in six months.
k) Salaries and wages Payroll for the period December 16, 2019 to January 15,2020 amounted to P68,000.
l) Notes receivable, P30,000 This note has been discounted in a bank on a without-recourse basis, where the company received cash of P24,000.
m) Output VAT, P246,000 Input VAT on purchases and other operating expenses amounted to P164,000.
n) Accounts receivable, P215,000 The accounts receivable is net of P12,300 customer credit balances
o) Cash in banks, P115,000 The company's cash in banks include a cash balance with BPI amounting to P200,000; with PNB amounting to P100,000 and an overdraft balance with BDO.
p) Common stock warrants outstanding Amount to date, P250,000
q) Common stock options outstanding Amount to date, P150,000
r) Estimated warranty costs on good sold, P46,000 This pertains to warranty costs on goods sold in 2018 and 2019.
s) Installment notes payable, P75,000 This is for the equipment purchases, only one-third is due in 2020.
t) Provision for losses During the year, one of the manufacturing equipment of the company exploded injuring an employee. The employee filed claims for damages on November 3. There has still been no resolution yet on the case as of the balance sheet date. The company lawyers however believe that it Is probable that the company will be liable between P25,000 and P75,000.
u) Deferred tax liability, P300,000 This refers to deferred tax liabilities on cumulative temporary difference on taxable income and financial income which will reverse evenly over the next year.
Required -
1) How much is the total current liabilities?
2) How much is the total non-current liabilities?
3) How much is the total liabilities?