Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare the current liabilities section of the statement of financial position at October 31, 2024. Current Attempt in Progress Cheyenne Limited has an October 31

image text in transcribed
image text in transcribed
Prepare the current liabilities section of the statement of financial position at October 31, 2024. Current Attempt in Progress Cheyenne Limited has an October 31 year end. On October 1. 2024, Cheyenne had the following current liabilities listed on its beoks: During October 2024, Cheyenne engaged in the following transactions: Oct 1. Negotiated a $58,000 line of credit with their bank to replace the bank overdraft. Oct 5 Sold goods worth $34,800 on which they had previously received a $13,920 deposit. The balance is due in 30 days. Oct 12 Bought $23,200 of inventory on credit, terms of 30 days. Oct 15 Paid amounts due the Government of Canada for the payroll amounts outstanding from September 30 . Oct 20 Paid $100,920 owing to a supplier. Oct 21 Received $5,800 from a client for work that will be performed in January 2018. Oct 21 Sold 564,960 of goods, half for cash, half on credit. Oct 22 Madea $11.600 payment on the line of credit. Oct 30 Paid the monthly payroli amounts to emplovees. The gross payroll was $18,800 Amounts withbeld from the employees' cheques were as follows: - Canada pension planpremiums (CPP) $931 - Employment insurance premlums (E)$300 - Incometad $3,760 Oct 31 Declared 55.800 of dividends payable next year. At this time, the company also recorded their liability for amounts due to the government for CPP and El

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

Management Control Systems

Authors: Kenneth Merchant, Wim Van Der Stede

5th Edition

1292444134, 9781292444130

More Books

Students also viewed these Accounting questions

Question

Box

Answered: 1 week ago

Question

Determine miller indices of plane A Z a/2 X a/2 a/2 Y

Answered: 1 week ago

Question

2 What are the key barriers to implementing HRM?

Answered: 1 week ago

Question

1 What are three of the formative traditions in HRM?

Answered: 1 week ago