Included in Cellin Limiteds December 31, 2020 trial balance are the following accounts: Accounts Payable $251,000; Obligations

Question:

Included in Cellin Limited’s December 31, 2020 trial balance are the following accounts: Accounts Payable $251,000; Obligations under Lease $175,000; Unearned Revenue $141,000; Bonds Payable $480,000 (due October 31, 2032); Salaries and Wages Payable $127,000; Interest Payable $42,000; Income Tax Payable $9,000; and Notes Payable $97,000 (due on March 31, 2021). On January 31, 2021, Cellin finalized refinancing of the notes payable with a new note payable due on March 31, 2022. The financial statements were issued on February 28, 2021.

a. Prepare the current liabilities section of the statement of financial position if Cellin prepares financial statements in accordance with IFRS, and identify which items are monetary.

b. Explain how your answer to part (a) would be different if Cellin prepares financial statements in accordance with ASPE.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...

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