Reference no: EM132756627
Kim Company provided the following information on December 2019:
Cash in bank, net of bank overdraft P400,000 7,000,000
Accounts receivables 4,000,000
Prepaid expenses 800,000
Patents 1,500,000
Equipment 4,500,000
Available for sale securities- to be held indefinitely 3,000,000
Bond sinking fund 2,000,000
Accounts payable, net of supplier's account with 5,000,000
debit balance of P500,000
Bonds payable due May 27, 2021 3,500,000
Mortgage payable due April 8, 2022 2,000,000
Deferred Tax Liability 450,000
Problem 1: What total amount of noncurrent assets and noncurrent liabilities should be reported on December 31, 2019?
a. P 9,000,000; P 3,950,000
b. P 8,000,000; P 5,500,000
c. P 11,000,000; P 5,950,000
d. P 10,500,000; P 4,000,000