how to find the current portion of bank loan payable
the liabilities in the statement of financial position
Homework Answers
Net income should be calculated first.
Net income = Sales – (office expense + IT expense + Depreciation expense + Interest expense)
= 12,762 – (522 + 180 + 4,770 + 2,340)
= 12,762 – 7,812
= 4,188
Retained earnings 31/12/208 = Beginning + Net income
= 36,000 + 4,188
= 40,188
Total assets = (Building – Accumulated depreciation) + Accounts receivable + Prepaid insurance + Cash + (Equipment – Accumulated depreciation) + Land
= (95,220 – 41,040) + 11,340 + 4,212 + 10,656 + (74,160 – 16,848) + 55,080
= 54,180 + 11,340 + 4,212 + 10,656 + 57,312 + 55,080
= 192,780
Current portion of bank loan payable = Total assets – (Common shares + Retained earnings + Accounts payable + Income tax payable + Bank loan payable + Interest payable)
= 192,780 – (55,800 + 40,188 + 7560 + 990 + 84,240 + 3,240)
= 192,780 – 192,018
= 762 (Answer)
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