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Identify each of the liabilties as current or non current (some might be classified as partially current and partially as non current) 2 Dominique, the
Identify each of the liabilties as current or non current (some might be classified as partially current and partially as non current) 2 Dominique, the CFO for Trattoria Inc., asked you to classify the following liabilities for the December 31, 2020. statement of financial position: Identify each of the liabilities as current or non-current (Note that some liabilities may be classified partially as current and partially as non-current.) 1 Trattoria declared a dividend in 2020 of $23,000, which is payable on January 31, 2021. During the month of December, Trattoria settled warranty claims with customers by issuing in-store credit totalling $13,000 On August 1, 2020, Trattoria obtained a $10,800 five-year loan with annual equal principal repayments of S2 160 due on July 31. Interest at 10% per year is payable every six months on January 31 and July 31. In December, the company withheld deductions totalling $6.000 from its employees, which will be remitted on January 15, 2021 5. During 2020, customers purchased five-year extended warranty plans totalling $43,000. Management expects that claims under these warranties will be equal in each year of the warranty period. During the December holiday shopping period, the company sold $4.900 in gift cards. 7 During 2020, Trattoria obtained a $5,500 loan with a three-year term from a bank. The loan contains a current ratio requirement, which the company breached on December 31 Breaching this requirement can trigger immediate repayment of the loan 3. 6. Current Long-term > $ $ 2 > $ $ $ $ 3 4
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