ACCT 2121 Chapter 10 FALL 2016 Power Point slides STUDENTS

# ACCT 2121 Chapter 10 FALL 2016 Power Point slides STUDENTS...

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10-1 ACCT 2121 (Dr. Hunter) November 3 to November 10 1. Nov 3 to Nov 9 Chapter 10 – Reporting and Analyzing Liabilities (read chapter) 2. Nov 9 – Chapter 10 HW due at 11:45pm a. Note Payables (short- and long-term) b. Sales and payroll taxes c. Issuance and maturity of Bonds d. Straight-line Amortization of Bonds e. Ratio Analysis – Liquidity and Solvency 3. Nov 10 – Mid-Term Exam 3 – Chapters 8, 9, and 10

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10-2 ACCT 2121 (Hunter) Chapter 10 Reporting and Analyzing Liabilities Practice Study problems 1. Completion of Matching and Multiple Choice Questions in Study Guide 2. Read Chapter to Complete Vocabulary and Multiple Choice Exercises in Lecture Notes Handout 3. Use ORION to practice Multiple Choice Questions 4. Study Problems: a. Short-Term Note Payable – E10-1 b. Sales Taxes Payable – BE10-3 c. Unearned Revenues (BE10-4) d. Classify Current Liabilities (BE10-1) e. Payroll Taxes (BE10-5) f. Types of Bonds (Questions 8, 9, 10, and 12 page 541 textbook) g. Bond Issuance at Discount and Premium (BE10-8 and BE10-9) h. Redeeming Bonds at Maturity (E10-13 and E10-14) i. Financial Statement presentation (E10-15) j. Analysis of Liabilities (Ratios) (P10-6A, E10-17, and E10-16) k. Contingencies and Leases – (Questions 21, 22, 24, and 25 p. 541 textbook) l. Straight-Line Method of Amortization – (P10-8A and P10-9A) m. Long-Term Notes Payable (P10-12A (a) and (b) only
10-3 After studying this chapter, you should be able to answer the following questions: 1. What is current liability? What are the major types of current liabilities? 2. What are the accounting and journal entries for short and long term interest bearing notes payable at its inception, at year-end, and at maturity? 3. What is the accounting for unearned service revenues, sales and payroll taxes, wages and salaries payable, interest payable, etc. 4. Why are bonds issued? What are the different types of bonds? 5. Prepare the entries for the issuance of bonds at face value, discount, or premium and the interest expense. 6. What entries necessary when bonds are redeemed at maturity? 7. What is the straight line method of amortization? Learning Objectives LIABILITIES Learning Objectives LIABILITIES Learning Objectives LIABILITIES Learning Objectives LIABILITIES

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10-4 Preview of Chapter 10 -LIABILITIES N/A N/A
10-5 Two key features : 1. Company expects to pay the debt from existing current assets or through the creation of other current liabilities . 2. Company will pay the debt within one year or the operating cycle , whichever is longer. Current Liabilities Current Liabilities Current Liabilities Current Liabilities Current liabilities include notes payable , accounts payable , unearned revenues , and accrued liabilities such as taxes , salaries and wages , and interest . What is a Current Liability?

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10-6 Notes Payable Written promissory note. Usually require the borrower to pay interest.
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