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information Frog Question CURRENT & LONG-TERM LIABILITIES Flower Corporation operates a floral shop and is preparing its financial statements for the year ended, December 31 2021 The bookkeeper is aware that you have recently completed a financial accounting course at NAT and is seeking your assistand Time in 167.08 identifying the different types of liabilities that should be shown on the classified Balance Sheet Based on your review and discussions with the bookkeeper, you have identified the following Hower Corporation owes trade creditors 518,000 at year-end for credit purchases of flower invertory 2/ in the month of December, Flower Corporation accepted $6,000 deposit from a couple that got engaged. The deposit is to cover the cost of flowers for their upcoming wedding in June 2022 3/ On January 1, 2020 Hower Corporation borrowed $100.000 from the bank. The loan will be repaid over a year term at an annual interest rate of 8% per year. Payments are due cach December 317. The bank provided Flower Corporation with the following loan amortization table: Flower Corporation Loan Amortization Table PRT Loan Payment Beginning Loan Interest Ending Period Date Balance Payment = Principal + (8%) Balance Fixed Varles Year 1 Dec 31/2020 $ 100,000$ 30,192 $ 22,192 $ 8,000 $ 77,808 Year 2 Dec 31/2021 $ 77,808 30,192 23,967 6,225 53,841 Year 3 Dec 31/2022 $ 53,841 30,192 25,885 4,307 27,956 Year 4 S Dec 31/2023 27,956 30,192 0 27956 2,236 TOTAL $ 120,768 $100,000 $20.768 romeration runs payroll for staff every two weeks. As of year end, a rotal of 57,000 were owing to staff. Period Loan Payment Date Timelett Year1 Year 2 Year 3 Year 4 Dec 31/2020 Dec 31/2021 Dec 31/2022 Dec 31/2023 Beginning Loan Interest Ending Balance Payment Principal - (AN) Balance Fixed Varias $ 100,000 $30,192 $ 22,150 3.000 77 $ 77,808 30,192 23.967 5.225 51.41 $ 53,841 30,192 25.885 4,307 27,956 $ 27,956 30,192 27,956 2,236 o TOTAL $120.768 $ 100,000 $20.768 4/ Flower Corporation runs payroll for staff every two weeks. As of year end a total of 7.000 were owing to start 5/ At December 31, Flower Corporation exceeded its cash balance by $4,000 and the bank automatically activated a line of credit to cover the shortage la 6/ Flower Corporation has $100.000 of bonds payable which will mature on March 1/2025. 7/ The Board of Directors declared a dividend of $10,000 on December 31, 2021 which will be paid on February 1, 2022 to all shareholders on record as at January 15, 2022. 8/ Flower Corporation filed its corporate income tax return and will pay $9,500 by February 1/2022 un 14 the information provided, prepare the abilities section of assified Balance sheet Boccademsted consider . Would it be a currently, a non-current by, or have elements of oth What was the ability be called? What dollar value would be assigned to each ability Ton 10 Note to students . Please be sure to be formation on the table Do NOT backpacote antes otherwise you w 7 B 1 Balance Sheet At December 31, 2021 Current Liabilities X What would the ability be called What doar value would be assigned to each fiability Tim 1500 Mote to students . Please be sure to type information within the table . DO NOT backpace' the entire able to otherwise you will delete this template" 7 B1 95 Total current liabilities Long-Term Liabilities: Total long-term liabilities TOTAL LIABILITIES Queste 15 Power Corporation has a long term loan with the bank What type of loan is this Telef5621 M 200 oa Instalment toan (with equat principal payments O interest Bearing Lump Sum Loan Instalment Loan (with equal blended payments) 16 Could the loan have been structured differently to minimize the interest expense Explain Made 2.00 AY B 1 E $ 7 The Bank asked for the right to obtain ownership of all long term capital assets in case of loan default What is the Bank asking for? D O a Debt Covenant b. Credit Risk Oc Commitment d. Collateral Next page page