The following are various accounts:

Indicate whether each of the items below should be classified under IFRS on December 31, 2020, as a current or long-term liability or under some other classification. Consider each item independently from all others; that is, do not assume that all of them relate to one particular business.

1.

Bank loans payable of a winery, due March 10, 2024 (the product requires aging for five years before it can be sold)

select a classification under IFRS

2.

$10 million of serial bonds payable, of which $2 million is due each July 31

$2 million bonds payable

select a classification under IFRS

$8 million bonds payable

select a classification under IFRS

3.

Amounts withheld from employees wages for income tax

select a classification under IFRS

4.

Notes payable that are due January 15, 2023, where the businesss operating cycle is less than one year.

select a classification under IFRS

5.

Interest payable on a note payable (the note is due January 15, 2023, and the interest is due June 30, 2021)

Interest payable

select a classification under IFRS

Note payable

select a classification under IFRS

6.

Credit balance in a customers account arising from returns and allowances after collection in full of the account

select a classification under IFRS

7.

Bonds payable of $2 million maturing June 30, 2024

select a classification under IFRS

8.

An overdraft of $1,000 in a bank account (no other balances are carried at this bank)

select a classification under IFRS

9.

An overdraft of $1,000 in a bank account (other accounts are carried at this bank and have positive account balances)

select a classification under IFRS

10.

Deposits made by customers who have ordered goods

select a classification under IFRS

Assume instead that the company follows ASPE.

1.

Bank loans payable of a winery, due March 10, 2024 (the product requires aging for five years before it can be sold)

select a classification under ASPE

2.

$10 million of serial bonds payable, of which $2 million is due each July 31

$2 million bonds payable

select a classification under ASPE

$8 million bonds payable

select a classification under ASPE

3.

Amounts withheld from employees wages for income tax

select a classification under ASPE

4.

Notes payable that are due January 15, 2023, where the businesss operating cycle is less than one year.

select a classification under ASPE

5.

Interest payable on a note payable (the note is due January 15, 2023, and the interest is due June 30, 2021)

Interest payable

select a classification under ASPE

Note payable

select a classification under ASPE

6.

Credit balance in a customers account arising from returns and allowances after collection in full of the account

select a classification under ASPE

7.

Bonds payable of $2 million maturing June 30, 2024

select a classification under ASPE

8.

An overdraft of $1,000 in a bank account (no other balances are carried at this bank)

select a classification under ASPE

9.

An overdraft of $1,000 in a bank account (other accounts are carried at this bank and have positive account balances)

select a classification under ASPE

10.

Deposits made by customers who have ordered goods

select a classification under ASPE