Can someone help prepare the current liabilities section of the Balance Sheet on

Question

Can someone help prepare the current liabilities section of the Balance Sheet on March 31. (PLz round answers to 0 decimal places)

On February 31, 2018, Maloney LLP's general ledger contained the following liability accounts: Accounts payable CPP payable EI payable Sales tax payable Employee income tax payable Unearned revenue $39,700 2,860 1,037 5,900 4,969 16,000 The following selected transactions occurred during the month: Mar. 2 Issued a three-month, 6% note payable in exchange for an account payable in the amount of $9,200. Interest is due at maturity Sold inventory for cash totalling $38,500, plus 13% HST. The cost of goods sold was $25,000. Maloney uses a perpetual inventory system Received the property tax bill of $18,000 for the calendar year. It is payable on May 1 Provided services for customers who had made advance payments of $11,300 including 13% HST, which is not payable until the related sale occurs Paid S5,900 HST to the Receiver General for sales tax collected in February 5 9 12 13 16 Paid $8,866 to the Receiver General for amounts owing from the February payroll for employee payroll deductions of S6,831 (CPP $1,430, EI $432, and employee income tax $4,969) and for employee benefits of $2,035 (CPP S1,430, and EI $605) 27 Paid $28,200 to trade creditors on account. Paid employees for the month. Gross salaries totalled $15,700 and payroll deductions included CPP of $803, EI of $295, and employee income tax of $6,160. Employee benefits included CPP of $803 and EI of $413. 31

Explanation / Answer

Hi, I can assure you for the rest of the figures but I am skeptical about Sales Tax Payable figure. You see in Point 2, there is sales of $ 38500 which had COGS of $ 25000. As general rule (I dont know what is it in your country) followed you take the credit of HTS paid on inventory also while paying HTS on sales. The figure of $ 25000 musth have been given for the same reason i believe. That is why I have taken 13% of (38500-25000) in the payables. If I am not correct in my approach you can simply take 13% of $ 38500.

Particulars Amount(HST) Accounts Payable 2300.00 6% Notes Payable 9200.00 Property Tax Payable 18000.00 CPP Payable 1606.00 EI Payable 826.00 Employee Income Tax Payable 6160.00 Sales Tax Payable 1755.00 Unearned Revenue 4700.00

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