13-Solutions to BE and Exercises

13-Solutions to BE and Exercises - Kieso, Weygandt,...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Ninth Canadian Edition CHAPTER 13 - NON-FINANCIAL AND Current liabilities SOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 13-1 07/01 Purchases . .................................................. 60,000 Accounts Payable. ............................. 60,000 Freight-in. .................................................... 1,200 Cash . .................................................. 1,200 07/03 Accounts Payable. ...................................... 6,000 Purchase Returns and Allowances. . 6,000 07/10 Accounts Payable. ...................................... 54,000 Cash . .................................................. 52,920 Purchase Discounts. ......................... 1,080 BRIEF EXERCISE 13-2 07/01 Purchases ($60,000 X 98%). ....................... 58,800 Accounts Payable. ............................. 58,800 Freight-in. .................................................... 1,200 Cash . .................................................. 1,200 07/03 Accounts Payable ($6,000 X 98%) . ............ 5,880 Purchase Returns and Allowances. . 5,880 07/10 Accounts Payable ($54,000 X 98%) . .......... 52,920 Cash . .................................................. 52,920
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Ninth Canadian Edition BRIEF EXERCISE 13-3 11/01/11 Cash . ..................................................... 40,000 Notes Payable . ............................. 40,000 12/31/11 Interest Expense . .................................. 600 Interest Payable . .......................... 600 ($40,000 X 9% X 2/12) 02/01/12 Notes Payable . ...................................... 40,000 Interest Payable . ................................... 600 Interest Expense . .................................. 300 Cash. ............................................. 40,900 BRIEF EXERCISE 13-4 01/01/12 Interest Payable . ................................... 600 Interest Expense. ......................... 600 02/01/12 Notes Payable . ...................................... 40,000 Interest Expense . .................................. 900 Cash. ............................................. 40,900 BRIEF EXERCISE 13-5 11/01/11 Cash . ..................................................... 60,000 Notes Payable . ............................. 60,000 12/31/11 Interest Expense . .................................. 900 Notes Payable . ............................. 900 ($1,350 X 2/3) 02/01/12 Interest Expense . .................................. 450 Notes Payable . ............................. 450 Notes Payable . ...................................... 61,350 Cash. ............................................. 61,350
Background image of page 2
Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Ninth Canadian Edition BRIEF EXERCISE 13-6 (a) Under IFRS, since the debt is due within 12 months from the reporting date, it is classified as a current liability. This classification holds even if a long-term refinancing has been completed before the financial
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 59

13-Solutions to BE and Exercises - Kieso, Weygandt,...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online