SB-BMGT310-sess19 and 21_ch_13_student

SB-BMGT310-sess19 and 21_ch_13_student - Chapter 13-1...

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Unformatted text preview: Chapter 13-1 Current Liabilities and Current Liabilities and Contingencies Contingencies Current Liabilities and Current Liabilities and Contingencies Contingencies Chapter Chapter 13 13 Initial y Prepared by Coby Harmon, University of California, Santa Barbara – modified by Stephen Brown Chapter 13-2 1. Describe the nature, type, and valuation of current liabilities. 2. Explain the classification issues of short-term debt expected to be refinanced. 3. Identify types of employee-related liabilities. 4. Identify the criteria used to account for and disclose gain and loss contingencies. 5. Explain the accounting for different types of loss contingencies. 6. Indicate how to present and analyze liabilities and contingencies. Learning Objectives Learning Objectives Learning Objectives Learning Objectives Chapter 13-3 What is a Liability? What is a Liability? What is a Liability? What is a Liability? FASB, defines liabilities as: “ probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.” Employment contract? Purchase contract? Lease contract Chapter 13-4 What is a Current Liability? What is a Current Liability? What is a Current Liability? What is a Current Liability? Current liabilities are “obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets, or the creation of other current liabilities.” Typical Current Liabilities: Accounts payable. Notes payable. Current maturities of long-term debt. Short-term obligations expected to be refinanced. Dividends payable. Customer advances and deposits. Unearned revenues. Sales taxes payable. Income taxes payable. Employee-related liabilities. LO 1 Describe the nature, type, and valuation of current liabilities. Chapter 13-5 Accounts Payable (trade accounts payable) What is a Current Liability? What is a Current Liability? What is a Current Liability? What is a Current Liability? LO 1 Describe the nature, type, and valuation of current liabilities. Notes Payable Written promises to pay a certain sum of money on a specified future date. Arise from purchases, financing, or other transactions. Notes classified as short-term or long-term. Notes may be interest-bearing or zero-interest-bearing. Chapter 13-6 E13-2 (Accounts and Notes Payable) The following are selected 2007 transactions of Sean Astin Corporation....
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This note was uploaded on 02/07/2012 for the course BMGT 310 taught by Professor Mckinney during the Fall '08 term at Maryland.

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SB-BMGT310-sess19 and 21_ch_13_student - Chapter 13-1...

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