7252569-MIdterm-1 (dragged) 11

7252569-MIdterm-1 (dragged) 11 - Kieso Weygandt Warfield...

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Kieso, Weygandt, Warfield, Young, Wiecek Intermediate Accounting, Eighth Canadian Edition 13-12 1. Bank Indebtedness and Credit Facilities: a line-of-credit or revolving debt arrangement. The company draws on the fund as soon as needed when the previous amount is repaid. 2. Accounts Payable: Trade accounts payable should be recorded when the goods are received, or the legal title passes to the purchaser. 3. Notes Payable: a. Trade notes b. Short-term loan notes : Interest bearing notes are presented at their face value, zero-interest bearing notes are presented at amortized cost . c. Current maturity of long term debt. That portion of long-term indebtedness that matures within the next fiscal year is reported as a current liability if it is to be paid out of current assets, and if it is not going to be refinanced by a new debt issue or by conversion into shares. 4. Short-term Obligations Expected to Be Refinanced. a.
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