[管理学]ACCT 106 Chapter 13 Notes 第十三章.pptVIP

Chapter 13 Current Liabilities 流动负债 Classifying Liabilities as Current or Long-Term Improper classification of liabilities can affect key ratios used in financial statement analysis and decision-making. Current liabilities Also called short-term liabilities Accounts payable , short-term notes payable, wages payable, payroll and other taxes payable, unearned revenues, and the portion of long-term debt 1.Within one year of the balance sheet date, or within the company’s next operating cycle, whichever is longer, 2.Using current assets or by creating other current liabilities Long-term Liabilities Long-term notes payable, bonds payable Current Portion of Long-Term Debt Known(Determinable) Liabilities Set by agreements, contracts ,or laws and are measurable and include accounts payable, payroll, sales taxes, unearned revenues, and notes payable. Accounts Payable Assume Leon’s purchases $12,000 of office supplies from Staples on November 14,2005, on credit, terms n/30. Nov.14,2005 Office Supplies…………12,000 Accounts Payable……..12,000 Payroll Liabilities One office employee and two sales employees had each earned gross pay of $688,$880, and $648. Office Salaries Expense……688 Sales Salaries Expense……1,528 EI Payable…………………..46.54 …………….. Salaries Payable………….1,439.12 Provincial Sales Tax (PST) and Federal Goods and Services Tax (GST) Payable PST PST is a tax levied on sales to the final consumers of products. Calculated as a percentage of the sale price of the item being sold. PST=PST%×(Sales Price+GST) All provinces require retailers to collect PST from their customers and to forward this tax periodically to the appropriate provincial authority. If Best Furniture’s total cash sales on July 14,2005, were $16,000(cost of sales $12,000), the company would record the following entry: Cash………….16,960 Sales ……………….16,000 PST Payable…………..960 16000×6%=960 PST Payable………960 Cash………………….960 GST Calculated as 7% of taxable supplies. On Aug