PROBLEM 4: FOR CLASSROOM DISCUSSION Financial and Non-financial liabilities 1. Mid-Earth Co.'s liabilities as of December 31, 20x1 include the following: Accounts payable Preference shares issued with mandatory redemption Unearned income Utilities payable Warranty obligation Deferred tax liability PhilHealth contribution payable Obligation to deliver a fixed number of own shares worth a fixed amount of cash Share dividends payable Rent payable P15,000 100,000 7,000 16,000 7,000 2,000 5,000 12,000 3,000 9,000 Requirement: Compute for the total financial liabilities to be disclosed in Mid-Earth Co.'s 20x1 notes to financial statements.

PROBLEM 4: FOR CLASSROOM DISCUSSION Financial and Non-financial liabilities 1. Mid-Earth Co.'s liabilities as of December 31, 20x1 include the following: Accounts payable Preference shares issued with mandatory redemption Unearned income Utilities payable Warranty obligation Deferred tax liability PhilHealth contribution payable Obligation to deliver a fixed number of own shares worth a fixed amount of cash Share dividends payable Rent payable P15,000 100,000 7,000 16,000 7,000 2,000 5,000 12,000 3,000 9,000 Requirement: Compute for the total financial liabilities to be disclosed in Mid-Earth Co.'s 20x1 notes to financial statements.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter8: Liabilities And Stockholders' Equity

Section: Chapter Questions

Problem 8.1.3P

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Liabilities and Equity Current liabilities: Accrued wages and taxes Accounts payable Notes payable Total P 15 P 17 50 45 110 45 118 Long-term debt: Stockholders' equity: Preferred stock (5 million shares) Common stock and paid-in surplus (20 million shares) Retained earnings Total al liabilities and equity 190 195 40 155 200 40 192 237 P550 P500
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First Year Assignment Hist. Proj Proj. Proj Proj. Proj. Year Year Year Year Assumptions Year Year 1 2 3 Ancome statement 2% % 1% 2% 1% r6.0% 70% 64% s5% 75% Sales gowth COGS as of sales Deprecianion as of beginning fixed assets SGRA asof sales 2% 2% % 2% 2% 15% 15% % 10% Tax rane as N of profit 24% 25% 25% 26% 27% before ta Dividends as of profit after ta Weighted average shares outstanding bo% 25% 23% 20% 23% 6989 7000 7200 7200 7300 Assets Operating cument assets 20% 20% 17% 18% 20% PL h3% ho% las % % 13% 10o% as k of sales Capex as of sales Liabilities Operating liabilities as of COGS 3o% 25% b0% l31% kos Equity 11 1 boo l b00 o 100 Shares issued in vear Debt Issuance of long term debt 300 200 boo 200 o 300 Repayment of long-term debt 50 100 100 100 100 Anterest rates Interest rate on revolver Interest rape on long term 4% 4% % 4% debt 1% 1% % 1% 1% hterest income on cash First Year Assignment Hist. Proj. Prol Prol Proj. Proj. Calcs Year Year Year Year Year Year 0 2 3 4 5 Property,…