Use of Estimates The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Such estimates are periodically reviewed and any adjustments necessary are reported in earnings in the period in which they become known. Actual results could differ from these estimates.
3. TANGIBLE CAPITAL ASSETS
2020
2019
Net book
Accumulated amortization
Net book
value
Cost
value
$ 51,191
Leasehold improvements Furniture and fixtures Computer equipment
$ 61,325
$ 10,134
$ 55,332
2,103 1,515
56,084 55,080 32,300 132,114
53,981 53,565 31,510 132,114
1,882 7,474 6,599
790
Office equipment Computer software
-
-
$55,599
$336,903
$281,304
$71,287
4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
2020
2019
$ 15,463
Vacation payable
$ 8,951
13,615
Accounts payable and accruals
15,737
5,812 2,932
Wages payable
3,306 1,595
Source deductions payable
$ 37,822
$ 29,589
27
ALBERTA COLLEGE OF OCCUPATIONAL THERAPISTS ANNUAL REPORT 2019–2020
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