Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dollarama Inc. reported the following liabilities (in thousands) in its February 1, 2015, financial statements (in thousands): Long-term debt $560,641 Income tax payable $ 25,427

Dollarama Inc. reported the following liabilities (in thousands) in its February 1, 2015, financial statements (in thousands):
Long-term debt $560,641 Income tax payable $ 25,427
Deferred income taxes 122,184 Accounts payable and accrued liabilities 175,739
Current portion of long-term debt 3,846 Deferred (unearned) tenant deposits 60,475
Finance lease obligations 1,566 Dividends payable 10,480
image text in transcribed
image text in transcribed
image text in transcribed
Identify which of the above liabilities are likely current and which are likely non-current.
Long-term debt
Deferred income taxes
Current portion of long-term debt
Finance lease obligations
Income tax payable
Accounts payable and accrued liabilities
Deferred (unearned) tenant deposits
Dividends payable

Prepare the liabilities section of Dollaramas statement of financial position.

DOLLARAMA INC. Statement of Financial Position (partial) February 1, 2015 (in thousands)
Current liabilities

image text in transcribed Dividends Payable Income Tax Payable Deferred (Unearned) Tenant Deposits Current Portion of Long-Term Debt Long-Term Debt Accounts Payable and Accrued Liabilities Finance Lease Obligations Deferred Income Taxes

$

image text in transcribed

image text in transcribed Finance Lease Obligations Current Portion of Long-Term Debt Accounts Payable and Accrued Liabilities Income Tax Payable Dividends Payable Deferred Income Taxes Deferred (Unearned) Tenant Deposits Long-Term Debt

image text in transcribed

image text in transcribed Income Tax Payable Deferred (Unearned) Tenant Deposits Current Portion of Long-Term Debt Long-Term Debt Deferred Income Taxes Finance Lease Obligations Dividends Payable Accounts Payable and Accrued Liabilities

image text in transcribed

image text in transcribed Finance Lease Obligations Dividends Payable Accounts Payable and Accrued Liabilities Long-Term Debt Deferred Income Taxes Deferred (Unearned) Tenant Deposits Current Portion of Long-Term Debt Income Tax Payable

image text in transcribed

image text in transcribed Deferred (Unearned) Tenant Deposits Finance Lease Obligations Long-Term Debt Accounts Payable and Accrued Liabilities Dividends Payable Income Tax Payable Current Portion of Long-Term Debt Deferred Income Taxes

image text in transcribed

Total current liabilities

image text in transcribed

Non-current liabilities

image text in transcribed Current Portion of Long-Term Debt Dividends Payable Long-Term Debt Deferred Income Taxes Finance Lease Obligations Deferred (Unearned) Tenant Deposits Accounts Payable and Accrued Liabilities Income Tax Payable

image text in transcribed

image text in transcribed Dividends Payable Current Portion of Long-Term Debt Finance Lease Obligations Deferred (Unearned) Tenant Deposits Income Tax Payable Long-Term Debt Deferred Income Taxes Accounts Payable and Accrued Liabilities

image text in transcribed

image text in transcribed Long-Term Debt Current Portion of Long-Term Debt Accounts Payable and Accrued Liabilities Deferred Income Taxes Finance Lease Obligations Dividends Payable Income Tax Payable Deferred (Unearned) Tenant Deposits

image text in transcribed

Total non-current liabilities

image text in transcribed

Total liabilities $

image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Politics Of Internal Auditing

Authors: Dr. Larry Rittenberg, Patty Miller

1st Edition

0894139053, 978-0894139055

More Books

Students also viewed these Accounting questions