In: Accounting
All of the following items are reported on a Statement of
Financial Position (Balance Sheet). How would each of the above
items be reported on the Statement of Financial Position balance
sheet according to ASPE? If you identify an item as a liability,
indicate whether or not it is a financial liability.
a) Accrued vacation pay b) Income tax instalments paid in excess of
the income tax liability on the year’s c) A bank overdraft, with no
other accounts at the same financial institution d) Employee
payroll deductions unremitted e) Accrued but unpaid bonus to
officer f) Sales tax payable g) A royalty fee owing on units
produced h) A personal injury claims pending i) Current maturities
of long-term debts to be paid from current assets j) Dividends in
arrears on preferred shares k) HST collected on sales, in excess of
HST paid on purchases l) The portion of a credit facility that has
been used