Ch2- The Balance Sheet-7

Ch2- The Balance Sheet-7 - are actually ________ Under...

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Accounts Payable R.E.C. Inc. Consolidated Balance Sheets (in Thousands) 2010 2009 Current Liabilities      Accounts payable $14,294 $7,591      Notes Payable 5,614 6,012      Current maturities of long-term debt 1,884 1,516      Accrued liabilities 5,669 5,313           Total current liabilities 27,461 20,432
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Liabilities (cont.) Short-term obligations in the form of promissory ________ and/or _______ of _________ to suppliers or financial institutions 2-2 Notes  Payable
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Liabilities (cont.) When a firm has bonds, mortgages, or other forms of long-term debt outstanding, the portion of the _____________ that will be repaid during the upcoming year is classified as a current liability 2-3 Current Maturities of ______-_____ Debt
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Liabilities (cont.) Result from recognition of expenses before they
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Unformatted text preview: are actually ________ Under accrual accounting, expenses are recognized when ____________ and thus __________, not when paid in cash In this case, cash flow ____________ expense recognition 2-4 Accrued Liabilities Liabilities (cont.) Result from prepayments received in ____________ for services or products Under accrual accounting, revenue is recognized when ___________, not when cash is received In this case, cash flow ____________ revenue recognition 2-5 Unearned Revenue or _________ _______ Liabilities (cont.) Result of temporary differences in the recognition of revenue and expense for __________ income relative to reported ___________ income 2-6 Deferred __________ __________ Taxes...
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This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Spring '08 term at University of Florida.

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Ch2- The Balance Sheet-7 - are actually ________ Under...

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