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The Nature of Liabilities Distinction Between Debt and Equity The acquisition of assets is financed from two sources: LiabilitiesQuestion LiabilitiesQuestion Evaluating Liquidity An important indicator of a company抯 ability to meet its current obligations. Two commonly used measures: LiabilitiesQuestion LiabilitiesQuestion Accounts Payable Notes Payable Notes Payable Notes Payable Interest Payable Interest expense is the compensation to the lender for giving up the use of money for a period of time. The liability is called interest payable. To the lender, interest is a revenue. To the borrower, interest is an expense. Interest Payable The interest formula includes three variables that must be considered when computing interest: Interest PayableExample Interest PayableExample Payroll Liabilities Employers incur several expenses and liabilities from having employees. Payroll Liabilities Unearned Revenue Unearned Revenue Long-Term Debt Long-Term Debt Installment Notes Payable Allocating Installment Payments Between Interest and Principal Identify the unpaid principal balance. Unpaid Principal ?Interest rate = Interest expense. Installment payment - Interest expense = Reduction in unpaid principal balance. Compute new unpaid principal balance. Allocating Installment Payments Between Interest and Principal Allocating Installment Payments Between Interest and Principal Allocating Installment Payments Between Interest and Principal Bonds Payable Bonds usually involve the borrowing of a large sum of money, called principal. The principal is usually paid back as a lump sum at the end of the bond period. Individual bonds are often denominated with a par value, or face value, of $1,000. Bonds Payable Bonds usually carry a stated rate of interest, also called a contract rate. Interest is normally paid semiannually. Interest is computed as: Bonds Payable Bonds are issued through an intermediary called an underwriter. Bonds can be sold on organized securities exchanges.