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Question 1 of 3 View Policies Current Attempt in Progress Dominique, the CFO for Trattoria Inc., asked you to classify the following liabilities for
Question 1 of 3 View Policies Current Attempt in Progress 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 $26,000, which is payable on January 31, 2021. 2. During the month of December, Trattoria settled warranty claims with customers by issuing in-store credit totalling $14,000. 3. 4. 5. 6. 19 On August 1, 2020, Trattoria obtained a $10,800 five-year loan with annual equal principal repayments of $2,160 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 $5,200 from its employees, which will be remitted on January 15, 2021. During 2020, customers purchased five-year extended warranty plans totalling $41,000. 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 $5.300 in gift cards. 7. During 2020, Trattoria obtained a $5,400 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.
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