约翰·J·怀尔德-会计学原理（英文版·第21版）IPPTChap011.pptVIP

Current Liabilities andPayroll AccountingChapter 11 Defining LiabilitiesC 1 Classifying LiabilitiesExpected to be paid within one year or the company’s operating cycle, whichever is longer.Current LiabilitiesC 1 Current and Long-TermLiabilitiesCurrent Liabilities as a Percent of Total LiabilitiesC 1 Uncertainty of LiabilitiesUncertainty in When to PayC 1Uncertainty in Whom to PayUncertainty in How Much to Pay Accounts PayableSales Taxes PayableUnearned RevenuesShort-Term Notes PayableKnown LiabilitiesPayroll LiabilitiesMulti-Period Known LiabilitiesC 2 On August 31, Home Depot sold materials for $6,000 that are subject to a 5% sales tax.Sales Tax PayableC 2$6,000 × 5% = $300 On June 30, Rihanna sells $5,000,000 in tickets for eight concerts.Unearned RevenuesC 2On Oct. 31, Rihanna performs a concert.$5,000,000 / 8 = $625,000 A written promise to pay a specified amount on a definite future date within one year or the company’s operating cycle, whichever is longer.Short-Term LiabilitiesP 1 On August 23, Brady Company asks McGraw to accept $100 cash and a 60-day, 12% $500 note to replace its existing $600 Account Payable. Note Given to ExtendCredit PeriodP 1 On October 22, Brady pays the note plus interest to McGraw. Note Given to ExtendCredit PeriodP 1Interest expense = $500 × 12% × (60 ÷ 360) = $10 Note Given To Borrow From BankP 1 Note Given To Borrow From BankOn Sept. 30, a company borrows $2,000 from a bank at 12% interest for 60 days. P 1On Nov. 29, the company repays the principal of the note plus interest. Interest expense = $2,000 × 12% × (60 ÷ 360) = $40 Note DateEnd of PeriodMaturity DateAn adjusting entry is required to record Interest Expense incurred to date.End-of-Period Adjustmentto NotesP 1 End-of-Period Adjustmentto NotesP 1On Dec. 16, 2013, a company borrows $2,000 from a bank at 12% interest for 60 days. An adjusting entry is needed on December 31. On Feb. 14, 2014, the company repays this principal and interest on the note. Payroll Liab