53 - Accounts Payable Amounts owed for products and...

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Report plant asset transactions on the statement of cash flows Plant Assets and Cash Flow Statement Operating section Depreciation, amortization and depletion are noncash expense Added back to net income to determine operating cash flows Investing section Purchases of plant assets and intangibles result in an outflow of cash Sales results in inflow of cash Liabilities Account for current liabilities and contingent liabilities Categories of Current Liabilities Known amounts Unknown amounts Current liabilities are obligations due with one year of balance sheet date Current Liabilities of Known Amount
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Unformatted text preview: Accounts Payable Amounts owed for products and services purchased on account Short-Term Notes Payable Common form of financing; company incurs interest expense Sales Tax Payable Tax levied by state on retail sales; company collects from customer and remits to govt Accrued Liabilities Expense incurred, but not yet paid; often an adjusting entryl includes salaries & interest payable Payroll Liabilities Salaries & wages paid to employees; also includes income taxes and FICA taxes withheld Unearned revenues Customers makes payment before receiving product or service...
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This note was uploaded on 06/15/2011 for the course ACCT 23020 taught by Professor Dorff,p during the Spring '08 term at Kent State.

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53 - Accounts Payable Amounts owed for products and...

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