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Laura, the accountant for Bargain Ltd . , is currently preparing the December 3 1 , 2 0 2 4 , statement of financial position,
Laura, the accountant for Bargain Ltd is currently preparing the December statement of financial position, and she asked you to help her classify the following liabilities: Identify each of the liabilities as current or noncurrent. Note that some liabilities may be classified partially as current and partially as noncurrent. a During Bargain borrowed $ from its line of credit to cover a cash shortage. b At the end of December, Bargain owed suppliers $ for goods purchased during the last quarter of the year, which will be settled on March c In October Bargain obtained a $ fiveyear loan repayable at maturity. d The company provides a oneyear assurancetype warranty on its products and in December estimated a warranty expense of $ e Bargain has a $ loan, of which $ is due to be repaid in f During December, Bargain withheld $ from employee wages for CPP El and taxes. The company is required to remit the amount to the government on January g In the month of November, Bargain accepted $ in deposits for goods to be delivered to customers by June Current a $ b $ Longterm $ $
Laura, the accountant for Bargain Ltd is currently preparing the December statement of financial position, and she asked
you to help her classify the following liabilities:
Identify each of the liabilities as current or noncurrent. Note that some liabilities may be classified partially as current and partially as
noncurrent.
a During Bargain borrowed $ from its line of credit to cover a cash shortage.
b At the end of December, Bargain owed suppliers $ for goods purchased during the last quarter of the year, which will
be settled on March
c In October Bargain obtained a $ fiveyear loan repayable at maturity.
d The company provides a oneyear assurancetype warranty on its products and in December estimated a warranty
expense of $
e Bargain has a $ loan, of which $ is due to be repaid in
f During December, Bargain withheld $ from employee wages for CPP El and taxes. The company is required to remit the
amount to the government on January
g In the month of November, Bargain accepted $ in deposits for goods to be delivered to customers by June
Current
a
$
b
$
Longterm
$
$
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