ch11 - Chapter 11-1 Chapter Chapter 11 11 Chapter Chapter...

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Unformatted text preview: Chapter 11-1 Chapter Chapter 11 11 Chapter Chapter 11 11 Liabilities Chapter 11-2 1. Explain a current liability, and identify the major types of current liabilities. 2. Describe the accounting for notes payable. 3. Explain the accounting for other current liabilities. 4. Explain why bonds are issued, and identify the types of bonds. 5. Prepare the entries for the issuance of bonds and interest expense. 6. Describe the entries when bonds are redeemed or converted. 7. Describe the accounting for long-term notes payable. 8. Identify the methods for the presentation and analysis of long-term liabilities. Study Objectives Study Objectives Study Objectives Study Objectives Chapter 11-3 Liabilities Liabilities Liabilities Liabilities Current Current Liabilities Liabilities Current Current Liabilities Liabilities Long-Term Long-Term Liabilities Liabilities Long-Term Long-Term Liabilities Liabilities Notes payable Notes payable Sales taxes payable Sales taxes payable Payroll and payroll Payroll and payroll taxes taxes Unearned revenues Unearned revenues Current maturities of Current maturities of long-term debt long-term debt Statement Statement presentation and presentation and analysis analysis Bond basics Bond basics Accounting for bond Accounting for bond issues issues Accounting for bond Accounting for bond retirements retirements Accounting for long- Accounting for long- term notes payable term notes payable Statement Statement presentation and presentation and analysis analysis Chapter 11-4 Current liability is debt with two key features: 1. Company expects to pay the debt from existing current assets or through the creation of other current liabilities . 2. Company will pay the debt within one year or the operating cycle, whichever is longer. What is a Current Liability What is a Current Liability What is a Current Liability What is a Current Liability SO 1 Explain a current liability, and identify the SO 1 Explain a current liability, and identify the major types of current liabilities. major types of current liabilities. Current liabilities include notes payable , accounts payable , unearned revenues , and accrued liabilities such as taxes , salaries and wages , and interest payable . Chapter 11-5 SO 2 Describe the accounting for notes payable. SO 2 Describe the accounting for notes payable. Notes Payable Written promissory note. Require the borrower to pay interest. What is a Current Liability What is a Current Liability What is a Current Liability What is a Current Liability Chapter 11-6 E11-2 E11-2 On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note....
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ch11 - Chapter 11-1 Chapter Chapter 11 11 Chapter Chapter...

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