Current Liabilities and Payroll Accounting参考.pptx

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Current Liabilities and Payroll Accounting参考

11Current Liabilities and Payroll AccountingLearning ObjectivesExplain how to account for current liabilities.1Discuss how current liabilities arereported and analyzed.2Explain how to account for payroll.3Explain how to account for current liabilities.LEARNINGOBJECTIVE1What Is a Current Liability?A debt that acompany expects to pay within one year or the operating cycle, whichever is longer. Current liabilities include notes payable, accounts payable, unearned revenues, and accrued liabilities such as taxes payable, salaries and wages payable, and interest payable.LO 1What Is a Current Liability?QuestionTo be classified as a current liability, a debt must be expected to be paid within:one year.the operating cycle.2 years.(a) or (b), whichever is longerLO 1Current LiabilitiesNotes PayableWritten promissory note.Frequently issued to meet short-term financing needs.Requires the borrower to pay interest.Issued for varying periods.LO 1Notes PayableIllustration: First National Bank agrees to lend $100,000 on September 1, 2017, if Cole Williams Co. signs a $100,000, 12%, four-month note maturing on January 1.InstructionsPrepare the entry on September 1st.Prepare the adjusting entry on December 31st, assuming monthly adjusting entries have not been made. Prepare the entry required on January 1, 2018, the maturity date. LO 1Notes PayableIllustration: First National Bank agrees to lend $100,000 on September 1, 2017, if Cole Williams Co. signs a $100,000, 12%, four-month note maturing on January 1.a) Prepare the entry on September 1st.Cash 100,000Notes Payable 100,000b) Prepare the adjusting entry on December 31st. Interest Expense 4,000Interest Payable 4,000$100,000 x 12% x 4/12 = $4,000LO 1Notes PayableIllustration: First National Bank agrees to lend $100,000 on September 1, 2017, if Cole Williams Co. signs a $100,000, 12%, four-month note maturing on January 1, 2018.c) Prepare the entry at maturity.Notes Payable 100,000Interest Payable 4,000Cash 104,000LO 1Current Liabil

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