At their last year end, December 31, 2023, the liabilities outstanding of Swifty Corp. included the...
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At their last year end, December 31, 2023, the liabilities outstanding of Swifty Corp. included the following: 1. 2. 3. 4. Cash dividends on common shares, $95,000, payable on January 15, 2024 Note payable to Manitoba Bank, $851,000, due January 20, 2024 Serial bonds, $2,003,000, of which $500,750 matures during 2024 Note payable to Ontario Bank, $207,000, due January 27, 2024 The following transactions occurred early in 2024: January 15: January 20: January 25: January 26: February 1: The cash dividends were paid. The note payable to Manitoba Bank was paid. Swifty entered into a financing agreement with Saskatchewan Bank, enabling it to borrow up to $1,012,000 at any time through the end of 2024. Amounts borrowed under the agreement would bear interest at 1.0% above the bank's prime rate and would mature three years from the date of the loan. The corporation immediately borrowed $806,000 to replace the cash used in paying its January 20 note to Manitoba Bank. 39,000 common shares were issued for $273,000. $207,000 of the proceeds was used to pay off the note payable to Ontario Bank. The financial statements for 2023 were issued. Prepare a partial statement of financial position for Swifty Corp., showing the manner in which the above liabilities should be presented at December 31, 2023 under IFRS. The liabilities should be properly classified between current and long-term. Current Liabilities: Total Current Liabilities Long-Term Debt: Total Long-Term Debt Total Liabilities Swifty Ltd. Statement of Financial Position (Partial) December 31, 2023 $ $ $ At their last year end, December 31, 2023, the liabilities outstanding of Swifty Corp. included the following: 1. 2. 3. 4. Cash dividends on common shares, $95,000, payable on January 15, 2024 Note payable to Manitoba Bank, $851,000, due January 20, 2024 Serial bonds, $2,003,000, of which $500,750 matures during 2024 Note payable to Ontario Bank, $207,000, due January 27, 2024 The following transactions occurred early in 2024: January 15: January 20: January 25: January 26: February 1: The cash dividends were paid. The note payable to Manitoba Bank was paid. Swifty entered into a financing agreement with Saskatchewan Bank, enabling it to borrow up to $1,012,000 at any time through the end of 2024. Amounts borrowed under the agreement would bear interest at 1.0% above the bank's prime rate and would mature three years from the date of the loan. The corporation immediately borrowed $806,000 to replace the cash used in paying its January 20 note to Manitoba Bank. 39,000 common shares were issued for $273,000. $207,000 of the proceeds was used to pay off the note payable to Ontario Bank. The financial statements for 2023 were issued. Prepare a partial statement of financial position for Swifty Corp., showing the manner in which the above liabilities should be presented at December 31, 2023 under IFRS. The liabilities should be properly classified between current and long-term. Current Liabilities: Total Current Liabilities Long-Term Debt: Total Long-Term Debt Total Liabilities Swifty Ltd. Statement of Financial Position (Partial) December 31, 2023 $ $ $
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Related Book For
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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