The financial statements of Eastern Platinum Limited (Eastplats) are presented in Appendix A at the end of

Question:

The financial statements of Eastern Platinum Limited (Eastplats) are presented in Appendix A at the end of this book.

Instructions

(a) Some companies list not only accounts payable but accrued liabilities as well in the current liabilities section of the statement of financial position. Does Eastplats do this? If so, explain the difference between these two items.

(b) In looking at the income statement, can you name two accounts that management probably recorded adjusting entries for at the end of the year?

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...