3) Mann Company reported on June 20, 2015 a 10% note payable in the amount of Php 3,600,000. The note is dated October 1, 2014 and is payable in three equal annual payments of Php 1,200,000 plus interest The first interest and principal payment was made on October 1, 2015. a) On June 30, 2016, what amount should be reported as accrued interest payable? b) What amount should be reported as Notes Payable on June 30, 2016? c) How are you going to present the liabilities (current and non current) with corresponding amounts in the statement of financial position?

3) Mann Company reported on June 20, 2015 a 10% note payable in the amount of Php 3,600,000. The note is dated October 1, 2014 and is payable in three equal annual payments of Php 1,200,000 plus interest The first interest and principal payment was made on October 1, 2015. a) On June 30, 2016, what amount should be reported as accrued interest payable? b) What amount should be reported as Notes Payable on June 30, 2016? c) How are you going to present the liabilities (current and non current) with corresponding amounts in the statement of financial position?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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