Please do not give answer in image formate GShow Attempt HistoryCurrent Attempt in ProgressBlossom's Cycle Booth Ltd. had the following transactions involving current liabilities in its first year of operations:The company ordered bicycles from suppliers for $457,000, on credit. It paid $202,000 to suppliers during the year.The shop has five employees, who earn gross wages of $337,000 for the year. From this, the company deducted 24% forincome taxes, $18,367 in CPP premiums, and $5,325 in El premiums before distributing the cheques to the staff. As anemployer, Blossom was also required to match the employees' CPP premiums and pay $7,455 in El premiums. Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year.1.2.34.The company gives customers a one-year warranty against defects on bicycles, Management estimated that warranty costswould total 1.5% of sales. Sales of bicycles for the year were $2,260,000. During the year, the company spent $23,580 onrefunds under the warranty.Some customers order expensive, custom-fitted bicycles. In these cases, the company requires them to pay a deposit of 25%of the selling price when the order is placed. During the year, deposits totalling $44,200 were received for custom orders.None of these orders have been delivered yet. Prepare the current liabilities section of the statement of financial position as it would appear at the end of the year. (Roundanswers to 0 decimal places, eg. 14,674)Current Liabilities

Current liabilities are those obligations that must be paid or settled within a one-year period.…

Blossom's Cycle Booth Ltd. had the following trans The company ordered bicycles from suppliers for $457,000, on credit. It paid $202,000 to suppliers during the year. The shop has five employees, who earn gross wages of $337,000 for the year. From this, the company deducted 24% for income taxes, $18,367 in CPP premiums, and $5.325 in El premiums before distributing the cheques to the staff. As an employer, Blossom was also required to match the employees' CPP premiums and pay $7.455 in El premiums. Eleven- twelfths of the amounts due to the government (all except the last month) were paid before the end of the year.. 1 2 The company gives customers a one-year warranty against defects on bicycles, Management estimated that warranty costs would total 1.5% of sales. Sales of bicycles for the year were $2,260.000. During the year, the company spent $23,580 on

Blossom's Cycle Booth Ltd. had the following trans The company ordered bicycles from suppliers for $457,000, on credit. It paid $202,000 to suppliers during the year. The shop has five employees, who earn gross wages of $337,000 for the year. From this, the company deducted 24% for income taxes, $18,367 in CPP premiums, and $5.325 in El premiums before distributing the cheques to the staff. As an employer, Blossom was also required to match the employees' CPP premiums and pay $7.455 in El premiums. Eleven- twelfths of the amounts due to the government (all except the last month) were paid before the end of the year.. 1 2 The company gives customers a one-year warranty against defects on bicycles, Management estimated that warranty costs would total 1.5% of sales. Sales of bicycles for the year were $2,260.000. During the year, the company spent $23,580 on

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

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