CHAPTER 13 exercise solutions

CHAPTER 13 exercise solutions - CHAPTER 13 Current...

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Unformatted text preview: 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, 6, 8 1, 16 1, 2 1 2. Accounts and notes payable; dividends payable. 7, 11 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 5 2 5. Compensated absences. 13, 14, 15 8, 9 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, 14 7, 8 9. Premiums and awards offered to customers. 24, 25 15 12, 15, 16 8, 9, 12, 14 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 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, 14 6. Indicate how to present and analyze liabilities and contingencies. 16, 17, 18, 19 9 ASSIGNMENT CHARACTERISTICS TABLE Ite m Description Level of Difficu lty Time (minut es) E 13-1 Balance sheet classification of various liabilities. Simple 10–15 E 13-2 Accounts and notes payable. Moder ate 15–20 E 13-3 Refinancing of short-term debt. Simple 10–12 E 13-4 Refinancing of short-term debt. Simple 20–25 E 13-5 Compensated absences. Moder ate 25–30 E 13-6 Compensated absences. Moder ate 25–30 E 13-7 Adjusting entry for sales tax. Simple 5–7 E 13-8 Payroll tax entries. Simple 10–15 E 13-9 Payroll tax entries. Simple 15–20 E 13- 10 Warranties. Simple 10–15 E 13- 11 Warranties. Moder ate 15–20 E 13- 12 Premium entries. Simple 15–20 E 13- 13 Contingencies. Moder ate 20–30 E 13- 14 Asset retirement obligation. Moder ate 25–30 E 13- 15 Premiums. Moder ate 20–30 E 13- 16 Financial statement impact of liability transactions. Moder ate 20–25 E 13- 17 Ratio computations and discussion. Simple 10–15 E 13- 18 Ratio computations and analysis. Simple 20–25 E 13- 19 Ratio computations and effect of transactions. Moder ate 15–25 P 13-1 Current liability entries and adjustments. Simple 25–30 P 13-2 Liability entries and adjustments. Simple 25–35 P 13-3 Payroll tax entries. Moder ate 20–30 P 13-4 Payroll tax entries.Payroll tax entries....
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CHAPTER 13 exercise solutions - CHAPTER 13 Current...

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