Exam4 - Study Guide

Exam4 - Study Guide - Current Liabilities: Known o A/P o...

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Unformatted text preview: Current Liabilities: Known o A/P o Short-term N/P o Sales Tax/P o Accrued Liabilities o Payroll Liabilities o Unearned Revenue o Current Portion of Long-term Debt Estimated o Estimated Warranty/P o Income Taxes o Contingent Liabilities Categories of Accrued Expenses (Liabilities) 1. Salaries and Wages/P 2. Interest/P 3. Income Taxes/P Salary Expense (under Payroll Liabilities) creates: 1. Employee Income Tax/P 2. FICA Tax/P 3. Salary/P Present value depends on: 1. Amount of the future receipt 2. Length of time to future receipt 3. Interest rate for the period Interest Payment (Stated Rate % of Maturity Value) Interest Expense (Market Rate % of Preceding Bond Carrying Amount) Discount Amortization (B-A) Discount Account Balance (Preceding D-C) Bond Carrying Amount (Principal D) = + Increase + Increase- Decrease to 0 + Increase Interest Payment (Stated Rate % of Maturity Value) Interest Expense (Market Rate % of Preceding Bond Carrying Amount) Premium Amortization (A-B) Premium Account Balance (Preceding D-C) Bond Carrying Amount (Principal + D) =- Decrease + Increase...
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Exam4 - Study Guide - Current Liabilities: Known o A/P o...

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