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What is the value of TPLs financial liabilities

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Question - Twin Peaks Limited (TPL) has income taxes payable of $265,000, PST payable of $200,000, net GST payable of $174,000, accrued vacation payable for employees of $860,000, royalties do to the BC government of $30,000, estimated lawsuit liability of $500,000, Asset Retirement obligation of $176,000, estimated warranty liability of $126,000.

What is the value of TPL's financial liabilities (itemize if required) and what conditions must exist in order to be classified as a financial liability?

Reference no: EM132841615

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