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Sheffield Limited has the following balances as at December 31, 2020: accounts payable and accrued liabilities $21,200, wages payable $15,900, bonus payable (due September 30, 2022) $16,200, and bonds payable of $148,400 due September 30, 2023 (current portion of $31,800)
Sheffield Limited has the following balances as at December 31, 2020: accounts payable and accrued liabilities $21,200, wages payable $15,900, bonus payable (due September 30, 2022) $16,200, and bonds payable of $148,400 due September 30, 2023 (current portion of $31,800).
1-Prepare the liabilities section of the SFP if Sheffield presents liabilities in order of liquidity.
2-Prepare the liabilities section of the SFP if Sheffield presents liabilities segregated into current and non-current
Expert Solution
1)
| Flounder Limited Statement of Financial Position (Partial) | |
| Amount | |
| Liabilities: | |
| Accounts Payable and Accrued Liabilities | 21200 |
| Wages Payable | 15900 |
| Bonus Payable (due on September 2022) | 16200 |
| Bonus Payable (Due on September 2023) | 148400 |
| Total Liabilities | 201700 |
2)
| Flounder Limited Statement of Financial Position (Partial) | |
| Amount | |
| Liabilities: | |
| Current Liabilities | |
| Accounts Payable and Accrued Liabilities | 21200 |
| Wages Payable | 15900 |
| Bonus payable for current period | 31800 |
| Total Current Liabilities (A) | 68900 |
| Non - Current Liabilities | |
| Bonus Payable (due on September 2022) | 16200 |
| Bonus Payable (Due on September 2023) | 116600 |
| (148400-31800) | |
| Total Non - Current Liabilities (B) | 132800 |
| Total Liabilities (A+B) | 201700 |
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