Ch_13 - CHAPTER 13 Current Liabilities and Contingencies...

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13-1 CHAPTER 13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Exercises Problems Concepts for Analysis 1. Concept of liabilities; definition and classification of current liabilities. 1, 2, 3, 4, 5, 6, 8 1, 16 1, 2 1 2. Accounts and notes payable; dividends payable. 7, 11, 29 1, 2, 3 2, 16 1, 2 1, 2 3. Short-term obligations expected to be refinanced. 9, 10 4 3, 4 3, 4 4. Deposits and advance payments. 12 5 2 5. Compensated absences. 13, 14, 15 8 5, 6, 16 6. Collections for third parties. 16 6, 7 7, 8, 9, 16 3, 4 7. Contingent liabilities (General). 17, 18, 19, 20, 22 10, 11 13, 16 10, 11, 13 5, 6, 7 8. Guaranties and warranties. 21, 23 13, 14 10, 11, 16 5, 6, 7, 12, 15 7, 8 9. Premiums and awards offered to customers. 24, 25 15 12, 15, 16 8, 9, 12, 15 10. Self-insurance, litigation, claims, and assessments, asset retirement obligations. 26, 27, 28 12 14 2, 10, 11, 13 6, 7 11. Presentation and analysis. 29, 30, 31 17, 18, 19 9 3 *12. Bonus payments. 9, 16 20, 21, 22 14, 15 *This material is covered in an Appendix to the chapter.
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13-2 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Exercises Problems 1. Describe the nature, type, and valuation of current liabilities. 1, 2, 3, 4, 5, 6 1, 2, 7 1, 2 2. Explain the classification issues of short-term debt expected to be refinanced. 4 3, 4 3. Identify types of employee-related liabilities. 7, 8, 9 5, 6, 8, 9 3, 4 4. Identify the criteria used to account for and disclose gain and loss contingencies. 10, 11, 12, 13, 14, 15 13 7, 10, 11, 13 5. Explain the accounting for different types of loss contingencies. 10, 11, 12, 13, 14, 15 10, 11, 12, 13, 14, 15 2, 5, 6, 7, 8, 9, 10, 11, 12, 13, 15 6. Indicate how to present and analyze liabilities and contingencies. 16, 17, 18, 19 9 *7. Compute employee bonuses under differing arrangements. 16 20, 21, 22 14, 15
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13-3 ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E13-1 Balance sheet classification of various liabilities. Simple 10–15 E13-2 Accounts and notes payable. Moderate 15–20 E13-3 Refinancing of short-term debt. Simple 15–12 E13-4 Refinancing of short-term debt. Simple 20–25 E13-5 Compensated absences. Moderate 25–30 E13-6 Compensated absences. Moderate 25–30 E13-7 Adjusting entry for sales tax. Simple 5–7 E13-8 Payroll tax entries. Simple 10–15 E13-9 Payroll tax entries. Simple 15–20 E13-10 Warranties. Simple 10–15 E13-11 Warranties. Moderate 15–20 E13-12 Premium entries. Simple 15–20 E13-13 Contingencies. Moderate 20–30 E13-14 Asset retirement obligation. Moderate 25–30 E13-15 Premiums. Moderate 20–30 E13-16 Financial statement impact of liability transactions. Moderate 30–35 E13-17 Ratio computations and discussion. Simple 10–15 E13-18 Ratio computations and analysis. Simple 20–25 E13-19 Ratio computations and effect of transactions. Moderate 15–25 *E13-20 Bonus computation. Simple 10–15 *E13-21 Bonus computation and income statement preparation. Simple 15–20 *E13-22 Bonus compensation. Moderate 15–20 P13-1 Current liability entries and adjustments. Simple 25–30 P13-2 Liability entries and adjustments. Simple 25–35 P13-3 Payroll tax entries. Moderate 20–30 P13-4 Payroll tax entries. Simple 20–25 P13-5 Warranties, accrual, and cash basis. Simple
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