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Solutions Manual
Intermediate Accounting Volume 2 Canadian 12th Edition by Kieso
CHAPTER 13
NON-FINANCIAL AND CURRENT LIABILITIES
Learning Objectives
1. Understand the importance of non-financial and current
liabilities from a business perspective.
2. Define liabilities, distinguish financial liabilities from other
liabilities, and identify how they are measured.
3. Define current liabilities and identify and account for common
PR
types of current liabilities.
4. Identify and account for the major types of employee-related
liabilities.
5. Explain the recognition, measurement, and disclosure
requirements for decommissioning and restoration
obligations.
6. Explain the issues and account for product guarantees, other
customer program obligations, and unearned revenue.
O
7. Explain and account for contingencies and uncertain
commitments, and identify the accounting and reporting
requirements for guarantees and commitments.
8. Indicate how non-financial and current liabilities are
presented and analyzed.
FD
9. Identify differences in accounting between IFRS and ASPE,
and what changes are expected in the near future.
O
Solutions Manual 13-1 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
This sample only, Download all chapters at: AlibabaDownload.com
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Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Brief Exercises
1. 1 C 8. 3 AP 15. 4 AP 22. 5,9 AP 29. 6,9 AP
2. 3 AP 9. 3 AP 16. 4 AP 23. 6 AP 30. 7,9 AP
3. 3 AP 10. 3 AP 17. 4 AP 24. 6 AP 31. 7 AP
4. 3 AP 11. 3 AP 18. 4 AP 25. 6 AP 32. 8 AN
5. 3 AP 12. 3 AP 19. 4 AP 26. 6 AP
6. 2,3 AP 13. 3,9 C 20. 2,5 AP 27. 6 AP
7. 3 AP 14. 3,9 C 21. 5,9 AP 28. 6 AP
Exercises
1. 2,9 C 8. 3,8,9 AP 15. 5,9 AP 22. 6,9 AP 29. 7,9 C
2. 3 AP 9. 3,8,9 AP 16. 5,9 AP 23. 6,9 AP 30. 8 AN
3. 3 AP 10. 4 AP 17. 6 AP 24. 6,9 AP 31. 8 AN
4. 3,9 AP 11. 4 AP 18. 3,4,6 AP 25. 6 AP 32. 8 AN
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Solutions Manual 13-1 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
This sample only, Download all chapters at: AlibabaDownload.com
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Brief Exercises
1. 1 C 8. 3 AP 15. 4 AP 22. 5,9 AP 29. 6,9 AP
2. 3 AP 9. 3 AP 16. 4 AP 23. 6 AP 30. 7,9 AP
3. 3 AP 10. 3 AP 17. 4 AP 24. 6 AP 31. 7 AP
4. 3 AP 11. 3 AP 18. 4 AP 25. 6 AP 32. 8 AN
5. 3 AP 12. 3 AP 19. 4 AP 26. 6 AP
6. 2,3 AP 13. 3,9 C 20. 2,5 AP 27. 6 AP
7. 3 AP 14. 3,9 C 21. 5,9 AP 28. 6 AP
Exercises
PR
1. 2,9 C 8. 3,8,9 AP 15. 5,9 AP 22. 6,9 AP 29. 7,9 C
2. 3 AP 9. 3,8,9 AP 16. 5,9 AP 23. 6,9 AP 30. 8 AN
3. 3 AP 10. 4 AP 17. 6 AP 24. 6,9 AP 31. 8 AN
4. 3,9 AP 11. 4 AP 18. 3,4,6 AP 25. 6 AP 32. 8 AN
5. 3 AP 12. 4 AP 19. 6,9 AP 26. 6,9 AP
6. 3,9 AP 13. 4 AP 20. 6,9 AP 27. 6 AP
7. 3,4,6,7,9 C 14. 4,9 AN 21. 6,9 AP 28. 6 AP
Problems
1. 2,3,5,9 AP 5. 4 AP 9. 6,7,9 AP 13. 6,9 AP 17. 7,8,9 AP
2. 2,3 AP 6. 4 AP 10. 6,7,10 AP 14. 6,8,9 AP
O
3. 2,3,4,6,9 AP 7. 4,9 AN 11. 6,8 AP 15. 6,9 AP
4. 2,3,5,6 AP 8. 5,7 AP 12. 6,7,9 AP 16. 7,8 AP
Cases
1. 6,9 AN 2. 3.
Integrated Cases
FD
1. 7 AN 2. 7 AP 3. 7 AP
Research and Analysis
1. 5,6,7 AP 3. 6,7,8 AP 5. 6,7 AP 6. 4,8 AP 7. 2,6,7 AN
2. 3,7,8 AP 4. 3,5,6,8 AP
O
Solutions Manual 13-2 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
C
Legend: The following abbreviations will appear throughout the solutions
manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
S Simple
M Moderate
C Complex
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Solutions Manual 13-2 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
Legend: The following abbreviations will appear throughout the solutions
manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
PR
S Simple
M Moderate
C Complex
Time: Estimated time to complete in minutes
AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Analytic Analytic
Tech. Technology
O
Diversity Diversity
Reflec. Thinking Reflective Thinking
CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
FD
Comm. Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation
O
Solutions Manual 13-3 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
C
ASSIGNMENT CLASSIFICATION TABLE
Brief
Topics Exercises Exercises Problems
1& Concept of liabilities; 1, 6, 20 1 1, 2, 3, 4, 7
2. definition, measurement, and
classification.
3. Current liabilities including 2, 3, 4, 5, 6, 2, 3, 4, 5, 6, 7, 8, 1, 2, 3, 4
accounts and notes payable, 7, 8, 9, 10, 9,18
dividends payable, sales and 11, 12, 13,
income tax payable, refund 14
liabilities, and short-term
obligations expected to be
refinanced.
4. Employee-related liabilities. 15, 16, 17, 7, 9, 10, 11, 12, 3, 5, 6, 7
18, 19 13, 14, 18
5. Asset retirement obligations. 20, 21, 22 15, 16 1, 4, 8
about:blank 3/191
, @PROFDOCDIGITALLIBRARIES
Solutions Manual 13-3 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
ASSIGNMENT CLASSIFICATION TABLE
Brief
Topics Exercises Exercises Problems
1& Concept of liabilities; 1, 6, 20 1 1, 2, 3, 4, 7
2. definition, measurement, and
classification.
3. Current liabilities including 2, 3, 4, 5, 6, 2, 3, 4, 5, 6, 7, 8, 1, 2, 3, 4
accounts and notes payable, 7, 8, 9, 10, 9,18
dividends payable, sales and 11, 12, 13,
income tax payable, refund 14
liabilities, and short-term
obligations expected to be
refinanced.
PR
4. Employee-related liabilities. 15, 16, 17, 7, 9, 10, 11, 12, 3, 5, 6, 7
18, 19 13, 14, 18
5. Asset retirement obligations. 20, 21, 22 15, 16 1, 4, 8
6. Unearned revenue. 23, 24 7, 17, 18 8, 9, 16
6. Product guarantees, 25, 26, 27, 7, 19, 20, 21, 22, 3, 4, 10, 11, 12,
warranties, and other 28, 29 23, 24, 25, 26, 27, 13, 14, 15
customer programs 28
O
7. Contingencies, guarantees, 30, 31 7, 29 8, 9, 12, 16, 17
and uncertain commitments.
8. Presentation and analysis. 32 8, 9, 30, 31, 32 3, 8, 9, 11, 16,
17
FD
9. IFRS and ASPE compared 13,14, 21, 1, 4, 6, 7, 8, 9, 14, 1, 3, 7, 9, 12,
22, 29, 30, 15, 16, 19, 20, 21, 13, 14, 15, 17
31 22, 24, 29
O
Solutions Manual 13-4 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
C
ASSIGNMENT CHARACTERISTICS TABLE
Level of Time
Item Description Difficulty (minutes)
E13.1 Balance sheet classification of various Simple 10-15
liabilities
E13.2 Accounts and notes payable Simple 10-15
E13.3 Notes payable and reversing entry Moderate 15-20
E13.4 Liability for returnable containers Moderate 15-20
E13.5 Entries for sales taxes Moderate 25-35
E13.6 Income tax Moderate 15-20
E13.7 Financial statement impact of liability Moderate 30-35
transactions
E13.8 Refinancing of short-term debt Moderate 20-25
E13.9 Refinancing of short-term debt Simple 10-15
E13.10 Payroll tax entries Moderate 15-20
E13.11 Compensated absences–vacation and Moderate 40-45
sick pay
E13.12 Compensated absences–vacation and Moderate 25-30
sick pay
E13 13 Compensated absences–parental Moderate 20-25
about:blank 4/191
Solutions Manual
Intermediate Accounting Volume 2 Canadian 12th Edition by Kieso
CHAPTER 13
NON-FINANCIAL AND CURRENT LIABILITIES
Learning Objectives
1. Understand the importance of non-financial and current
liabilities from a business perspective.
2. Define liabilities, distinguish financial liabilities from other
liabilities, and identify how they are measured.
3. Define current liabilities and identify and account for common
PR
types of current liabilities.
4. Identify and account for the major types of employee-related
liabilities.
5. Explain the recognition, measurement, and disclosure
requirements for decommissioning and restoration
obligations.
6. Explain the issues and account for product guarantees, other
customer program obligations, and unearned revenue.
O
7. Explain and account for contingencies and uncertain
commitments, and identify the accounting and reporting
requirements for guarantees and commitments.
8. Indicate how non-financial and current liabilities are
presented and analyzed.
FD
9. Identify differences in accounting between IFRS and ASPE,
and what changes are expected in the near future.
O
Solutions Manual 13-1 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
This sample only, Download all chapters at: AlibabaDownload.com
C
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Brief Exercises
1. 1 C 8. 3 AP 15. 4 AP 22. 5,9 AP 29. 6,9 AP
2. 3 AP 9. 3 AP 16. 4 AP 23. 6 AP 30. 7,9 AP
3. 3 AP 10. 3 AP 17. 4 AP 24. 6 AP 31. 7 AP
4. 3 AP 11. 3 AP 18. 4 AP 25. 6 AP 32. 8 AN
5. 3 AP 12. 3 AP 19. 4 AP 26. 6 AP
6. 2,3 AP 13. 3,9 C 20. 2,5 AP 27. 6 AP
7. 3 AP 14. 3,9 C 21. 5,9 AP 28. 6 AP
Exercises
1. 2,9 C 8. 3,8,9 AP 15. 5,9 AP 22. 6,9 AP 29. 7,9 C
2. 3 AP 9. 3,8,9 AP 16. 5,9 AP 23. 6,9 AP 30. 8 AN
3. 3 AP 10. 4 AP 17. 6 AP 24. 6,9 AP 31. 8 AN
4. 3,9 AP 11. 4 AP 18. 3,4,6 AP 25. 6 AP 32. 8 AN
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Solutions Manual 13-1 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
This sample only, Download all chapters at: AlibabaDownload.com
Summary of Questions by Learning Objectives and Bloom’s Taxonomy
Item LO BT Item LO BT Item LO BT Item LO BT Item LO BT
Brief Exercises
1. 1 C 8. 3 AP 15. 4 AP 22. 5,9 AP 29. 6,9 AP
2. 3 AP 9. 3 AP 16. 4 AP 23. 6 AP 30. 7,9 AP
3. 3 AP 10. 3 AP 17. 4 AP 24. 6 AP 31. 7 AP
4. 3 AP 11. 3 AP 18. 4 AP 25. 6 AP 32. 8 AN
5. 3 AP 12. 3 AP 19. 4 AP 26. 6 AP
6. 2,3 AP 13. 3,9 C 20. 2,5 AP 27. 6 AP
7. 3 AP 14. 3,9 C 21. 5,9 AP 28. 6 AP
Exercises
PR
1. 2,9 C 8. 3,8,9 AP 15. 5,9 AP 22. 6,9 AP 29. 7,9 C
2. 3 AP 9. 3,8,9 AP 16. 5,9 AP 23. 6,9 AP 30. 8 AN
3. 3 AP 10. 4 AP 17. 6 AP 24. 6,9 AP 31. 8 AN
4. 3,9 AP 11. 4 AP 18. 3,4,6 AP 25. 6 AP 32. 8 AN
5. 3 AP 12. 4 AP 19. 6,9 AP 26. 6,9 AP
6. 3,9 AP 13. 4 AP 20. 6,9 AP 27. 6 AP
7. 3,4,6,7,9 C 14. 4,9 AN 21. 6,9 AP 28. 6 AP
Problems
1. 2,3,5,9 AP 5. 4 AP 9. 6,7,9 AP 13. 6,9 AP 17. 7,8,9 AP
2. 2,3 AP 6. 4 AP 10. 6,7,10 AP 14. 6,8,9 AP
O
3. 2,3,4,6,9 AP 7. 4,9 AN 11. 6,8 AP 15. 6,9 AP
4. 2,3,5,6 AP 8. 5,7 AP 12. 6,7,9 AP 16. 7,8 AP
Cases
1. 6,9 AN 2. 3.
Integrated Cases
FD
1. 7 AN 2. 7 AP 3. 7 AP
Research and Analysis
1. 5,6,7 AP 3. 6,7,8 AP 5. 6,7 AP 6. 4,8 AP 7. 2,6,7 AN
2. 3,7,8 AP 4. 3,5,6,8 AP
O
Solutions Manual 13-2 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
C
Legend: The following abbreviations will appear throughout the solutions
manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
S Simple
M Moderate
C Complex
about:blank 2/191
,@PROFDOCDIGITALLIBRARIES
Solutions Manual 13-2 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
Legend: The following abbreviations will appear throughout the solutions
manual file.
LO Learning objective
Bloom's
BT Taxonomy
K Knowledge
C Comprehension
AP Application
AN Analysis
S Synthesis
E Evaluation
Difficulty: Level of difficulty
PR
S Simple
M Moderate
C Complex
Time: Estimated time to complete in minutes
AACSB Association to Advance Collegiate Schools of Business
Communication Communication
Ethics Ethics
Analytic Analytic
Tech. Technology
O
Diversity Diversity
Reflec. Thinking Reflective Thinking
CPA CM CPA Canada Competency Map
Ethics Professional and Ethical Behaviour
PS and DM Problem-Solving and Decision-Making
FD
Comm. Communication
Self-Mgt. Self-Management
Team & Lead Teamwork and Leadership
Reporting Financial Reporting
Stat. & Gov. Strategy and Governance
Mgt. Accounting Management Accounting
Audit Audit and Assurance
Finance Finance
Tax Taxation
O
Solutions Manual 13-3 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
C
ASSIGNMENT CLASSIFICATION TABLE
Brief
Topics Exercises Exercises Problems
1& Concept of liabilities; 1, 6, 20 1 1, 2, 3, 4, 7
2. definition, measurement, and
classification.
3. Current liabilities including 2, 3, 4, 5, 6, 2, 3, 4, 5, 6, 7, 8, 1, 2, 3, 4
accounts and notes payable, 7, 8, 9, 10, 9,18
dividends payable, sales and 11, 12, 13,
income tax payable, refund 14
liabilities, and short-term
obligations expected to be
refinanced.
4. Employee-related liabilities. 15, 16, 17, 7, 9, 10, 11, 12, 3, 5, 6, 7
18, 19 13, 14, 18
5. Asset retirement obligations. 20, 21, 22 15, 16 1, 4, 8
about:blank 3/191
, @PROFDOCDIGITALLIBRARIES
Solutions Manual 13-3 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
ASSIGNMENT CLASSIFICATION TABLE
Brief
Topics Exercises Exercises Problems
1& Concept of liabilities; 1, 6, 20 1 1, 2, 3, 4, 7
2. definition, measurement, and
classification.
3. Current liabilities including 2, 3, 4, 5, 6, 2, 3, 4, 5, 6, 7, 8, 1, 2, 3, 4
accounts and notes payable, 7, 8, 9, 10, 9,18
dividends payable, sales and 11, 12, 13,
income tax payable, refund 14
liabilities, and short-term
obligations expected to be
refinanced.
PR
4. Employee-related liabilities. 15, 16, 17, 7, 9, 10, 11, 12, 3, 5, 6, 7
18, 19 13, 14, 18
5. Asset retirement obligations. 20, 21, 22 15, 16 1, 4, 8
6. Unearned revenue. 23, 24 7, 17, 18 8, 9, 16
6. Product guarantees, 25, 26, 27, 7, 19, 20, 21, 22, 3, 4, 10, 11, 12,
warranties, and other 28, 29 23, 24, 25, 26, 27, 13, 14, 15
customer programs 28
O
7. Contingencies, guarantees, 30, 31 7, 29 8, 9, 12, 16, 17
and uncertain commitments.
8. Presentation and analysis. 32 8, 9, 30, 31, 32 3, 8, 9, 11, 16,
17
FD
9. IFRS and ASPE compared 13,14, 21, 1, 4, 6, 7, 8, 9, 14, 1, 3, 7, 9, 12,
22, 29, 30, 15, 16, 19, 20, 21, 13, 14, 15, 17
31 22, 24, 29
O
Solutions Manual 13-4 Chapter 13
Copyright © 2019 John Wiley & Sons Canada, Ltd. Unauthorized copying, distribution, or transmission of this page is strictly prohibited.
Kieso, Weygandt, Warfield, Wiecek, McConomy Intermediate Accounting, Twelfth Canadian Edition
C
ASSIGNMENT CHARACTERISTICS TABLE
Level of Time
Item Description Difficulty (minutes)
E13.1 Balance sheet classification of various Simple 10-15
liabilities
E13.2 Accounts and notes payable Simple 10-15
E13.3 Notes payable and reversing entry Moderate 15-20
E13.4 Liability for returnable containers Moderate 15-20
E13.5 Entries for sales taxes Moderate 25-35
E13.6 Income tax Moderate 15-20
E13.7 Financial statement impact of liability Moderate 30-35
transactions
E13.8 Refinancing of short-term debt Moderate 20-25
E13.9 Refinancing of short-term debt Simple 10-15
E13.10 Payroll tax entries Moderate 15-20
E13.11 Compensated absences–vacation and Moderate 40-45
sick pay
E13.12 Compensated absences–vacation and Moderate 25-30
sick pay
E13 13 Compensated absences–parental Moderate 20-25
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