1. Centrum Advertising services, a Montreal business has a December 31 year end and prepares a financial statement annually. Centrum gathered the following information to prepare the current liability section of its December 31,2014 balance sheet. Determine what will be included in the current liabilities section. Compute the liabilities in each case: [15 marks]

1. Centrum borrowed $84000 on January 2 2014 payments are made annually for 5 years each January 2. What are the liabilities for 2016?

Year		Annual Payment $	Principal proportion of payment $	Interest portion of payment $	Principal Balance at year end $
2015 2016 2017 2018 2019		11395 11395 11395 11395 11395	8515 9026 9567 10142 10750	2880 2369 1828 1253 645	39485 30459 20892 10750 0

2. Property taxes of $8750 were unpaid and unrecorded at December 31,2014

3. The Payroll register showed the following total unpaid amounts as at December 2014

Gross Pay	EI Premium	Income Taxes	United way	CPP	Total deductions	Net pay	Office salaries	Sale salaries
7850	175.64	3196.75	320	384.75	4065.64	3774.36	1900.00	940.00

4. The company provided services to clients totalling to $188000 including PST and GST in the month of December

The unadjusted trial balance showed unearned service revenue of $ 7600. $5000 of this amount has been earned by December 31