What amount should be reported as noncurrent assets as of December 31, 2021?
YSA Inc. provided the following information on December 31, 2021:
Cash 5,000,000
Financial assets at fair value through profit or loss, including cost of P500,000 of YSA Inc. 2,500,000
Accounts receivable 3,000,000
Inventory 1,000,000
Land 30,000,000
Equipment 10,000,000
Building 40,000,000
Accumulated depreciation - building 14,000,000
Furniture and Fixtures 15,000,000
Accumulated depreciation - Furniture and Fixtures 3,900,000
Accounts payable, after deducting debit balances in supplier's accounts amounting to P200,000 4,500,000
Accrued expenses payable 500,000
Bonds payable, due December 31, 2022 3,500,000
Discount on bonds payable 500,000
Dividends payable 400,000
Credit balances of customers' accounts 50,000
Share dividend payable 200,000
15% note payable issued on July 1, 2020, maturing on July 1, 2022 6,000,000
20% note payable issued on August 31, 2020, maturing on August 31, 2021 3,000,000
Estimated expenses in redeeming prize coupons 450,000
Claims for increase in wages and allowance by employees of the entity, covered in a pending lawsuit 1,500,000
Ordinary share capital, at par 30,000,000
Share premium - preference shares 200,000
Share premium - ordinary shares 400,000
Sales 20,000,000
Total expenses 8,000,000
Dividends 400,000
Retained earnings - January 1 2,000,000
The financial statements were issued on March 31, 2022.
Under the loan agreement for the 15% note payable, the entity has the discretion to refinance the obligation for at least twelve months after December 31, 2021.
On February 1, 2022, the entire P3,000,000 balance of the 20% note payable was refinanced through the issuance of a long-term obligation payable lump sum.
What amount should be reported as noncurrent assets as of December 31, 2021?
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