ABC Company presented current liabilities at December 31, 2X19 statement of financial position as follows: Current...

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ABC Company presented current liabilities at December 31, 2X19 statement of financial position as follows: Current Liabilities Current portion of long-term debt Short-term borrowings Other financial liabilities Accounts payable Accrued expenses and other liabilities Provision In Millions 2X18 2X19 As Revised PHP 135 200 6,000 7,000 7,250 7,364 PHP 50 123 76 95 254 1,221 Requirement: Assuming you are the accountant of the company, prepare your own six (6) disclosures (three [3] disclosures for provisions and another three [3] for contingencies) in the notes to the financial statements using the given information above. ABC Company presented current liabilities at December 31, 2X19 statement of financial position as follows: Current Liabilities Current portion of long-term debt Short-term borrowings Other financial liabilities Accounts payable Accrued expenses and other liabilities Provision In Millions 2X18 2X19 As Revised PHP 135 200 6,000 7,000 7,250 7,364 PHP 50 123 76 95 254 1,221 Requirement: Assuming you are the accountant of the company, prepare your own six (6) disclosures (three [3] disclosures for provisions and another three [3] for contingencies) in the notes to the financial statements using the given information above.

Answer rating: 100% (QA)

Provision Disclosures 1 Provision for income taxes The Company has recorded a provision of PHP 7364 ... View the full answer