Plato Inc. prepares financial statements in accordance with IFRS and uses the following headings on its statement of financial position:
l. Current assets
2. Long-term investments
3. Property, plant, and equipment
4. Intangible assets
5. Other assets
6. Current liabilities
7. Long-term liabilities
8. Capital shares
9. Contributed surplus
10. Retained earnings
11. Accumulated other comprehensive income
Instructions
Indicate by number how each of the following should usually be classified. If an item need not be reported at all on the statement of financial position, use the letter X. Also indicate also whether an item is monetary and/or represents a financial instrument.
(a) Prepaid insurance
(b) Investment in associate
(c) Unearned subscriptions revenue
(d) Advances to suppliers
(e) Unearned rent revenue
(f) Copyrights
(g) Petty cash
(h) Sales Tax payable
(i) Accrued interest on notes receivable
(j) Twenty-year issue of bonds payable that will mature within the next year (no sinking funds exist, and refunding is not planned)
(k) Machinery retired from use and reclassified as held for sale
(I) Fully depreciated machine still in use
(m) Investment in bonds that will be held until maturity in two years
(n) Accrued interest on bonds payable
(o) Salaries that the company budget shows will be paid to employees within the next year
(p) Accumulated depreciation related to equipment
(q) Accumulated unrealized gains on securities accounted for under the fair value through OCI model
(r) Bank demand loan
(s) Land held for speculation