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what additional info is required? 2022 01. (Current Asset and Liability Classification) Below are the titles of a number of debit and credit accounts as

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2022 01. (Current Asset and Liability Classification) Below are the titles of a number of debit and credit accounts as they might appear on the statement of financial position of Hayduke ASA as of October 31, Debit Credit Interest Accrued on Government Share Capital-Preference Securities 6% First Mortgage Bonds, due in 2029 Notes Receivable Preference Dividend, payable Nov. 1, 2022 Petty Cash Fund Allowance for Doubtful Accounts Government Securities Income Taxes Payable Customers' Advances (on contracts to be completed next Treasury Shares year) Cash in Bank Land Provision for Warranties Inventory of Operating Parts and Supplies Officers' 2022 Bonus Accrued Inventory of Raw Materials Accrued Payroll Patents Notes Payable Cash and Government Bonds Set Aside Acerued Interest on Bonds for Property Additions Accumulated Depreciation Investment in Subsidiary Accounts Payable Accounts Receivable: Share Premium-Preference Government Contracts Accrued Interest on Notes Payable Regular 642% First Mortgage Bonds, due in 2022 out of Goodwill current assets Inventory of Finished Goods Non-Controlling Interest Inventory of Work in Process Accumulated Other Comprehensive Income (loss) Deficit Instructions Select the current asset and current liability items from among these debit and credit accounts. If there appear to be certain borderline cases that you are unable to classify without further information, mention them and explain your difficulty, or give your reasons for making questionable classifications, if any. Case 2 Cathay Pacific Airlines Cathay Pacific Airways (HKG) is an international airline offering scheduled passenger and cargo services to 116 destinations in 35 countries and territories. The company was founded in Hong Kong in 1946 and remains deeply committed to its home base, making substantial investments to develop Hong Kong as one of the world's leading global transportation hubs. In addition to the fleet of 123 wide-bodied aircraft, these investments include catering, aircraft maintenance, and ground-handling companies. The following titles were shown on Cathay's statement of financial position in a recent year. Current portion of long-term liabilities Net non-current assets Deferred taxation Non-controlling interest Fixed assets Other long-term receivables and investments Funds attributable to owners of Cathay Pacific Reserves Retirement benefit obligations Intangible assets Share capital-ordinary Investments in associates Taxation Liquid funds Trade and other payables Long-term liabilities Trade and other receivables Unearned transportation revenue Instructions 1. Organize the accounts in the general order in which they would be presented in a classified statement of financial position. 2. When Cathay passengers purchase tickets for travel on future flights, what statement of financial position accounts are most likely affected? Do the balances in these accounts decrease or increase? 102 C3-US GAAP The following is the balance sheet (statement of financial position) for Nordstrom, Inc. (USA) Nordstrom, Inc. Consolidated Balance Sheets In millions Current Prior Assets Year Year Current assets: Cash and cash equivalents $595 $827 Accounts receivable, net 196 2.306 Merchandise inventories 1,945 1.733 Current deferred tax assets, net 256 Prepaid expenses and other 278 Total current assets 3,014 5.224 Land, property and equipment, net 3.735 3-340 Goodwill 435 435 Other assets 514 246 Total Assets $7,698 $9,245 Liabilities and Shareholder's Equity Current liabilities: Accounts payable $1.324 $1.328 Accrued salaries, wages and related benefits 416 Other current liabilities 1,161 1,048 Current portion of long-term debt 10 Total current liabilities 2,911 2,800 Long-term debt, net 2.795 3,123 Deferred property incentives, net 540 510 Other liabilities 581 372 Commitments and contingencies (Note 12) Shareholders' equity: Common stock, no par value: 1,000 shares authorized; 173.5 and 190.1 shares issued and outstanding 2,539 2.338 (Accumulated deficit) Retained earnings (1,610) 166 Accumulated other comprehensive loss (58) (64) Total shareholders' equity 871 2.440 Total liabilities and shareholders' equity $7.698 $9,245 Instructions 1. Identify at least three differences in statement of financial position reporting between IFRS and U.S. GAAP, as shown in Nordstrom's balance sheet. 2. Review Nordstrom's balance sheet and identify how the format of this financial statement provides useful information, as illustrated in the chapter. 416 8

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