This website uses cookies to ensure you have the best experience. Learn more

Wefawef Essay

3267 words - 14 pages

Principles of Accounting
Chapter 10

Preview of Ch. #10

2

Current Liabilities
Current liability

A debt that the company expects to pay within one year or
the operating cycle, whichever is longer.

Most companies pay current liabilities by using current assets.

Current liabilities include notes payable, accounts payable, unearned revenues, and
accrued liabilities such as taxes, salaries and wages, and interest payable.

3

Current Liabilities
Question
The time period for classifying a liability as current is one year or
the operating cycle, whichever is:
a. longer
b. shorter
c. probable
d. possible

4

Current Liabilities
Notes Payable

...view middle of the document...

8

Current Liabilities
Sales Tax Payable

Sales taxes are expressed as a stated percentage of the sales
price.

Either rung up separately or included in total receipts.

Retailer collects tax from the customer.

Retailer remits the collections to the government’s department
of revenue.

9

Current Liabilities
Illustration: The March 25 cash register reading for Cooley Grocery
shows sales of NT$10,000 and sales taxes of NT$600 (sales tax rate of
6%), the journal entry is:

10

Current Liabilities
Unearned Revenue
Revenues that are received before the company delivers goods or
provides services.
1. Company debits Cash, and credits a
current liability account (Unearned
Revenue).
2. When the company earns the revenue,
it debits the Unearned Revenue account,
and credits a Revenue account.

11

Current Liabilities
Illustration: Busan IPark (KOR) sells 10,000 season football tickets at
₩ 50,000 each for its five-game home schedule. The club makes the
following entry for the sale of season tickets (in thousands of ₩):

Aug. 6

As each game is completed, Busan IPark records the revenue earned.

Sept. 7

12

Current Liabilities
Current Maturities of Long-Term Debt

Portion of long-term debt that comes due in the current year.

Considered a current liability.

No adjusting journal entry required.

13

Statement Presentation and Analysis
Presentation

Current liabilities are presented after non-current liabilities on
the statement of financial position.

A common method of presenting current liabilities is to list them
by order of magnitude, with the largest ones first.

14

Statement Presentation and Analysis
Illustration 10-3

15

Statement Presentation and Analysis
Analysis
Illustration 10-4

The current ratio permits
us to compare the liquidity
of different-sized compani
es and of a single company
at different times.

Liquidity refers to the ab
ility to pay maturing obli
gations and meet unexp
ected needs for cash.

Illustration 10-5

16

Non-Current Liabilities
Obligations that are expected to be paid after one year.

Bond Basics

A form of interest-bearing notes payable.

To obtain large amounts of long-term capital.

Three advantages over ordinary shares:
1. Shareholder control is not affected.
2. Tax savings result.
3. Earnings per share may be higher.
17

Bond Basics
Effects on earnings per share—equity vs. debt.
Illustration 10-7

18

Bond Basics
Question
The major disadvantages resulting from the use of bonds are:
a. that interest is not tax deductible and the principal must be
repaid.
b. that the principal is tax deductible and interest must be paid.
c. that neither interest nor principal is tax deductible.
d. that interest must be paid and principal repaid.

19

Bond Basics
Types of Bonds

20

Bond Basics
Issuing Procedures

Government laws grant...

Other assignments on Wefawef

Course Syllabus Essay

2610 words - 11 pages [pic] COURSE SYLLABUS Semester: Fall, Year: 2012  College Mission Statement Richard J. Daley College provides high-quality education which leads to academic success, career development, and personal enrichment that fulfill diverse community needs. Mathematics Department Mission Statement Our mission is to deliver excellent service and to provide learning opportunities by offering a wide range of mathematics courses, which will help our

Management Essay

1477 words - 6 pages Boeing Management Planning Heather Oetzel MGT 330 October 22, 2012 Joe Cheng Abstract Boeing is known as “the world’s leading aerospace company and the largest manufacturer of commercial jetliner and military aircraft combined ("The Boeing Company: About Us", 2012). Every company uses different types of management techniques including how the planning function of management is used. Planning allows organizations to develop how the

Assisted Suicide

1015 words - 5 pages Should physician-assisted suicide be legal? While I believe if one chooses to end his or own life through physician assistance for reasons that they chose, the choice should be up to the individual. Physician-assisted suicide should be at one's discretion. “Assisted Suicide, also called Voluntary Euthanasia, is currently a contentious issue in many countries. Because Euthanasia is legal in a few modern democracies: the Netherlands, Belgium

Tanglewood Case 1

797 words - 4 pages Tanglewood’s staffing strategy requires the organization to make key decisions about the acquisition, deployment, and retention of the organization’s workforce. In order to accomplish this, Tanglewood’s must make thirteen decisions regarding its staffing levels and its staffing quality. One of the first decisions that Tanglewood needs to choose is to acquire or develop talent. Tanglewood should try to develop their current talent because one

Nnnnn

1391 words - 6 pages Есе по въпроса: Кои от всички „действащи” лица могат да се разглеждат като морално отговорни и в какво именно? по казуса Форд „Пинто” Корпоративните злодеяния са нанесли повече вреди на обществото от всички улични престъпления взети заедно. Според данни на ФБР сумата от уличните престъпления възлиза на $3.8 млрд. годишно, а загубите от корпоративните измами между $100 млрд. и $400 млрд. годишно

The Penis

1052 words - 5 pages The short story ”The Penis” is written by Hanif Kureishi. The short story is about a penis, which has been separated from its owner Doug, who we hear from later on. At first though we hear about a guy called Alfie who was “a cutter – a hairdresser – and had to get to work”. He is having breakfast with his wife, when she asks him what he did last night, and if he had a good time last night? Alfie can not remember what he did last night, he then

Managed Care Paper

543 words - 3 pages Managed Care and Case Management Care Marvin Lloyd BSHS/402-Case Management 27 August 2012 Virgil Miller Managed Care are techniques employed to help reduce the cost for providing health benefits and a system for improving organizations quality of care

Media

439 words - 2 pages The life expectancy is lower; so people are not kept alive with drugs for decades in a virtual sleep state. There is less state education; so kids don't have it drilled into them that their only goal in life is to make money, at the cost of 'everything' else. The health care is less; so diseases, usually brought by Westerners, kill many more than they do in countries where drug companies can make a fortune from selling medicines that aren't

Chapter 6 International Business

7113 words - 29 pages CGGGG The Political Economy of International Trade Chapter Outline OPENING CASE: Why Are Global Food Prices Soaring? INTRODUCTION INSTRUMENTS OF TRADE POLICY Tariffs Subsides Country Focus: Subsidized Wheat Production in Japan Import Quotas and Voluntary Export Restraints Local Content Requirements Administrative Polices Antidumping Policies Management Focus: U.S. Magnesium

Scope And Goals

279 words - 2 pages Introduction: Kudler Fine Foods is a specialty food store based in San Diego, California with its three locations in La Jolla, Del Mar, and Encinitas. Kudler Fine food prides itself on offering fresh and organic products that are carefully selected from local farmers and around the world. The organization has recently taken the initiative to start a Frequent Shopper Program to market and increase sales. This program will offer the customers a

Meerkat

251 words - 2 pages Meerkat The meerkat or suricate, Suricata suricatta, is a small mammal belonging to the mongoose family. Meerkats live in all parts of theKalahari Desert in Botswana, in much of the Namib Desert in Namibia and southwestern Angola, and in South Africa. A group of meerkats is called a "mob", "gang" or "clan". A meerkat clan often contains about 20 meerkats, but some super-families have 50 or more members. In captivity, meerkats have an average

Similar Documents

Mgt216 Essay

714 words - 3 pages The first ethical issue presented in the ethics game simulation was whether to warn consumers about the contaminated product and what information to provide consumers about the contaminant. The second ethical issue was whether to sell a product that does not meet U.S. safety requirements in a foreign market that has lower safety restrictions. G-BioSport was not required to meet prior approval from the Federal Drug Administration before they

Economy Effect Of Marijuana Essay

277 words - 2 pages Modern American History by Alan Renga 2nd Mid Term! You will be given 3 Short Essay questions and 20 Multiple Choice questions deriving from this list! 80 points total! The 1920s Warren Harding then Calvin Coolidge Tea Pot Dome 1st Red Scare Immigration Restriction, Sacco and Vanzetti Langston Hughes, Marcus Garvey, KKK Prosperity, advertising Prohibition, Al Capone Flappers, Clara Bow, Rudolph Valentino Babe Ruth, Jack Dempsey

The Vc Shakeout Essay

2033 words - 9 pages ECONOMY 26 Luring a big firm to town is not the secret to job growth DEFEND YOUR RESEARCH 30 Are morning people wired for success? VISION STATEMENT 32 The social web’s east-west divide COLUMN 38 Warren Bennis looks back on his surprising path to fame New Thinking, Research in Progress hbr.org New Thinking, Research in Progress hbr.org FIRST The VC Shakeout Venture capital hasn’t worked for a decade and must be radically

Hospitals Paper

6014 words - 25 pages I hope to provide in this paper a comprehensive understanding for what the term “hospital” has become. Hospitals are an extremely complex system that man has created and shaped and reshaped throughout history. My goal in writing and researching this paper will be to provide those who read it a clear understanding on how the hospital system got to where it is today, and to shed some light on the many organizations that affiliate with and