Balance Sheet Classification of Liabilities: Accrued Pay,

School: York University - Course: ACCOUNTING CSAC4510 - Subject: Accounting

E 13.1 (a) Balance sheet classification of various liabilities Common Current Liablities Sr No.Particulars 1 Accrued vacation pay 4 Bank overdraft with no other accounts at the same financial institutions 5 Employee payroll deductions unremitted 6 Accrued but unpaid bonus to officers 7 A deposit received from a customer to guarantee performance of a contract 8 Sales tax payable 11 Royalty fee owing on units produced 12 Travel advance given to sales employees for future business trips 13 Current maturitiees of long term debts to be paid from current assets 14 Cash dividends declared but unpaid 15 Dividends in arrears of preferred shares 16 Loans from officers 17 HST collected on sales, in excess of HST paid on purchase 19 The portion of a credit facility that has been used Non Financial liabilities Sr No.Particulars 3 Service type warranties issued on the appliances sold 9 Gift certificates sold to customer but not yet redeemed 10 Premium offers outstanding 18 An asset retirement obligation Current Assets Sr No.Particulars 2 Income tax instalments paid in excess of the income tax liability on the years income (b) There is no change for classification of the aforementioned liabilities as per IFRS, however comm bottom of the SFP unlike presented initially on the balance sheet as per ASPE, since liabilities are p

mon current liabilities shall be presented as per IFRS at the presented in the order of their liquidity as per ASPE.

E 13.2 Journal Entries 9/1/2023 DR Supplies Expense50,000 CR Accounts payable50,000 (Being inventory purchased) 10/1/2023 DR Notes Receivable50,000 CR Cash50,000 ( Note issued ) 10/1/2023 DR Cash75,000 DR Interest expense6,000 CR Notes payable181,000 ( Note borrowed )