Question

Included in Bramble Limited’s December 31, 2020 trial balance are the following accounts: Accounts Payable $252,000; Obligations under Lease $188,000; Unearned Revenue $150,000; Bonds Payable $477,000 (due October 31, 2032); Salaries and Wages Payable $141,000; Interest Payable $57,000; Income Tax Payable $21,000; and Notes Payable $101,000 (due on March 31, 2021). On January 31, 2021, Bramble finalized refinancing of the notes payable with a new note payable due on March 31, 2022. The financial statements were issued on February 28, 2021.

(a1)

Prepare the current liabilities section of the statement of financial position if Bramble prepares financial statements in accordance with IFRS.

Bramble Limited Statement of Financial Position (Partial)                                                                       December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
Current Liabilities
		$
Total Current Liabilities		$

Answer 1

Preparation of Current liability section of the statement of financial Position.

Bramble Limited
Statement of Financial Position (Partial)
December 31, 2020
	$
Current Liability
Accounts Payable	252,000
Unearned Revenue	150,000
Salaries and wages payable	141,000
Interest Payable	57,000
Income Tax Payable	21,000
Notes Payable	101,000
Total Current Liability	722,000

The obligation under lease and bonds payable are a non-current liability that is why they are not included in the statement of current liability.