Chapter 10_1 - Chapter10 Current Liabilities...

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Current Liabilities Chapter 10
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Current Liabilities Liabilities are: Probable future sacrifices of economic benefits (an obligation) Arising from past transactions or events To transfer assets or to provide services in the future Current Liabilities – short-term obligations that will be paid within one year of the balance sheet date or (if longer) within the current operating cycle of the business . Examples: A/P or accounts payable Notes payable or current portion of long term debt. Chapter 7, 8, and 9 examine Assets. Chapters 10 and 11 examine Liabilities. Chapter 12 examines Owners Equity.
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Current Liabilities 1. Sales taxes payable 2. Goods and Services Tax 3. Income taxes 4. Employee-related liabilities 5. Rents and royalties 1. Bank indebtedness and credit facilities 2. Accounts Payable 3. Notes payable 4. Current maturities of long- term debt 5. Short-term debt expected to be refinanced 6.
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