Staj Co., a clothing manufacturer, is preparing its statement of financial position at December 31, 2017. For
Question:
(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 $1,200, dated January 1, 2018
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, 2019.
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Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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