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What amount of the note payable should be reported

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Reference no: EM133145622

Question 1 - Rosa Company has an incentive compensation plan under which the president is to receive a bonus equal to 10% of income after deducting income tax and after deducting the bonus. The income before income tax and the bonus is P6,398,600. What is the bonus for the current year?

Question 2 - Polly Company had P3,000,000 note payable due on June 30. 2021. Under the existing loan facility, the entity had the discretion to refinance or roll over the note payable for at least twelve months after the end of the reporting period. On December 31, 2020, what amount of the note payable should be reported as current liability?

Reference no: EM133145622

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