Help please Account HW Nunn Industries had the following items on its December 3

Question

Help please Account HW Nunn Industries had the following items on its December 31, 20X3, balance sheet:

Cash and cash equivalents              $56,230

Accounts payable                             96,640

Inventories          60,790

Additional paid-in capital                    51,690

Accrued liabilities and expenses         94,100

Payments due within 1 year on long-term debt              35,380

Short-term debt      39,030

Long-term debt       97,290

Required: Prepare the current liabilities section of Nunn Industries' balance sheet.

Explanation / Answer

Current Liabilities SECTION in Nunn Industries Balance Sheet: ( IN $)

A) Accounts payable                                                           96,640

B) Accrued liabilities and expenses                                    94,100

C) Payments due within 1 year on long-term debt              35,380

D) Short-term debt                                                               39,030

Total Current liabilities                                                      265,150

Note: As per IFRS/ IAS long term liabilities due within one year required to be disclosed in current liabilities section.

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