Part B - Reporting current liabilities (3 marks)

Following are pertinent facts about events during the current year at Nevis Marine:

1. On 31 October, Nevis received rent of $2 400 in advance for a lease on a building. This rent will be earned evenly over four months.

2. December sales totalled $404 000 and Nevis collected a further 10% GST on this amount. The tax amount will be sent to the Taxation Office early in January.

3. Nevis owes $75 000 on a long-term loan payable. At 31 December, 6% interest for the year plus $25 000 of this principal are payable within one year.

Required

For each item, indicate the account name and the related amount to be reported as a current liability on Neviss 31 December statement of financial position.