会计学（第21版）课件：Current Liabilities.pptVIP

CurrentLiabilitiesAccounting,21stEditionWarrenReeveFess

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1. Defineandgiveexamplesofcurrentliabilities.2. Preparejournalentriesforshort-termnotespayableanddisclosureforthecurrentportionoflong-termdebt.3. Describetheaccountingtreatmentforcontingentliabilitiesandjournalizeentriesforproductwarranties.4. Determineemployerliabilitiesforpayroll,includingliabilitiesarisingfromemployeeearningsanddeductionsfromearnings.ObjectivesAfterstudyingthischapter,youshouldbeableto:

5. Describepayrollaccountingsystemsthatuseapayrollregister,employeeearningsrecord,andageneraljournal.6. Journalizeentriesforemployeefringebenefits,includingvacationpayandpensions.7. Usethequickratiotoanalyzetheabilityofabusinesstopayitscurrentliabilities.Objectives

TheNatureofCurrentLiabilitiesLiabilitiesthataretobepaidoutofcurrentassetsandareduewithinashorttime,usuallywithinoneyear,arecalledcurrentliabilities.Examples:AccountspayableNotespayableUnearnedrentTaxespayableWagespayableCurrentportionoflongtermdebt

Short-TermNotesPayableAug. 1 AccountsPayable—MurrayCo. 100000 Issueda90-day,12%noteonaccount.NotesPayable 100000Afirmissuesa90-day,12%notefor$1,000,datedAugust1,2006toMurrayCo.fora$1,000overdueaccount.

Oct. 30 NotesPayable 100000 InterestExpense 3000 Issueda90-day,12%noteonaccount.Cash 103000OnOctober30,whenthenotematures,thefirmpaysthe$1,000principalplus$30interest($1,000x.12x90/360).Appearsontheincomestatementasan“OtherExpense.”Short-TermNotesPayable

Description Debit CreditBowdenCo.(Borrower)Mdse.Inventory 10,000 AccountsPayable 10,000CokerCo.(Creditor)Description Debit Cr