Chapters 11and14 (1)

Chapters 11and14 (1) - LIABILITIES Chapters 11&14 Learning...

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LIABILITIES Chapters 11&14
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Learning objectives Identify current and long-term liabilities Accounting for contingent liabilities including warranties Accounting for installment note. Use times interest earned ratio for financial analysis
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Slide 3 Past Present Future DEFINING LIABILITIES Because of a past event . . . The company has a present obligation . . . Cause future sacrifices
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Slide 4 Expected to be paid within one year or the company’s operating cycle, whichever is longer. CLASSIFYING LIABILITIES Current Liabilities Expected to be paid beyond one year or the company’s operating cycle, whichever is longer. Long-Term Liabilities
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Slide 5 Accounts Payable Taxes Payable Unearned Revenues Short-Term Notes Payable DETERMINABLE LIABILITIES Payroll Liabilities (Wages Payable) Long-term Notes Payable
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Slide 6 Note Maturity Date Company Lender Note Date Single Payment of Single Payment of Principal plus Principal plus Interest Interest Single Payment of Single Payment of Principal plus Interest Principal plus Interest LONG-TERM NOTES PAYABLE
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