Question: Staj Co a clothing manufacturer is preparing its statement of

Staj Co., a clothing manufacturer, is preparing its statement of financial position at December 31, 2014. For each of the following amounts as of December 31, 2014, indicate whether the amount is (a) current or non-current and (b) a trade receivable, a nontrade receivable, or not a receivable. If the amount is not a receivable, indicate its correct statement of financial position classification.
1. Cheque received from a customer for 51,200, dated January I, 2015
2. Bank overdraft balance of $50,000
3. Income taxes recoverable of $14,000
4. $10,300 owing from a customer (now 10 days overdue), exchanged for a two-year note bearing interest at 8% payable annually
5. Staj sold a piece of machinery to Marus Company this past year. As part of the sale transaction, $20,000 is owing from Marus, due to be received on January 31, 2016

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  • CreatedSeptember 18, 2015
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