Lecture 8.0 - 9/13/11 Xiaohui Liu, 2010 Click to edit...

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Unformatted text preview: 9/13/11 Xiaohui Liu, 2010 Click to edit Master subtitle style Lecture 8.0 Current Liabilities 11 Xiaohui Liu, 2010 9/13/11 Xiaohui Liu, 2010 Current Liabilities Obligations must be fulfilled in one year or one operating cycle, whichever is longer. Examples of current liabilities as a result of a business transaction: (with definite amount) A/P (accounts payable) N/P (notes payable) Current maturity portion of a long-term debt (e.g., bonds payable) Sales taxes payable Payroll taxes withholdings Xiaohui Liu, 2010 22 9/13/11 Xiaohui Liu, 2010 Accrued Liabilities Obligations accumulated on a daily basis but not recorded until the end of period through adjusting entries (e.g., Interest payable, salaries payable, rent payable) Xiaohui Liu, 2010 33 9/13/11 Xiaohui Liu, 2010 Estimated Liabilities q Liabilities exist but the amount is...
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This note was uploaded on 09/13/2011 for the course AIM 6305 taught by Professor L during the Fall '11 term at University of Texas at Dallas, Richardson.

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Lecture 8.0 - 9/13/11 Xiaohui Liu, 2010 Click to edit...

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