The following items are to be reported on a balance sheet.

1. Accrued vacation pay

2. Income tax instalments paid in excess of the income tax liability on the year’s income

3. Service warranties on appliance sales

4. A bank overdraft

5. Employee payroll deductions unremitted

6. Unpaid bonus to officers

7. A deposit received from a customer to guarantee performance of a contract

8. Sales taxes payable

9. Gift certificates sold to customers but not yet redeemed

10. Premium offers outstanding

11. A royalty fee owing on units produced

12. A personal injury claim pending

13. Current maturities of long-term debts to be paid from current assets

14. Cash dividends declared but unpaid

15. Dividends in arrears on preferred shares

16. Loans from officers

17. GST collected on sales in excess of GST paid on purchases

18. An asset retirement obligation

19. The portion of a credit facility that has been used

Instructions

(a) How would each of the above items be reported on the balance sheet according to private enterprise GAAP? If you identify an item as a liability, indicate whether or not it is a financial liability.

(b) Would your classification of any of the above items change if the balance sheet were prepared according to IFRS?