Following are five pertinent facts about events during the current year at Babcock's Fly and Tackle, a Manitoba fisheries supply company:
a. Sales of $911,000 were covered by Babcock's Fly and Tackle's product warranty. At January 1 the estimated warranty payable was $14,600. During the year, Babcock's recorded warranty expense of 2 percent of sales and paid warranty claims of $15,600.
b. On August 31, Babcock's Fly and Tackle signed a six-month, 6 percent note payable to purchase supplies costing $45,000. The note requires payment of principal and interest at maturity.
c. On November 30, Babcock's Fly and Tackle received rent of $36,000 in advance from a subtenant in its building. This rent will be earned evenly over three months.
d. December sales totaled $80,000 and Babcock's Fly and Tackle collected GST of 5 percent plus PST of 8 percent on these sales. These taxes will be sent to the appropriate authorities early in January.
e. Babcock's Fly and Tackle owes $150,000 on a long-term note payable. At December 31, $30,000 of this principal plus 5 percent accrued interest since September 30 are payable within one year.
Required
For each item, indicate the account and the related amount to be reported as a current liability on Babcock's Fly and Tackle's December 31 (year-end) balance sheet. Round all amounts to the nearest whole dollar.