TAILIEUCHUNG - Lecture Financial accounting: Information for decisions (7/e): Chapter 9 - John J. Wild

Chapter 9 - Reporting and analyzing current liabilities. After completing this unit, you should be able to: Describe current and long-term liabilities and their characteristics, identify and describe known current liabilities, explain how to account for contingent liabilities, compute the times interest earned ratio and use it to analyze liabilities,. | Financial Accounting John J. Wild Seventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. Chapter 9 Reporting and Analyzing Current Liabilities Past Present Future Defining Liabilities Because of a past event . . . The company has a present obligation . . . For future sacrifices C1 9- Expected to be paid within one year or the company’s operating cycle, whichever is longer Classifying Liabilities Current Liabilities Expected not to be paid within one year or the company’s operating cycle, whichever is longer Long-Term Liabilities C1 9- Uncertainty in Liabilities Uncertainty in whom to pay Uncertainty in when to pay Uncertainty in how much to pay C1 9- Accounts Payable Sales Taxes Payable Unearned Revenues Short-Term Notes Payable Known Liabilities Payroll Liabilities Multi-Period Known Liabilities C2 9- Employers also incur expenses and liabilities from having employees. Payroll Liabilities P2 9- Employees have amounts withheld from their paychecks based on their earnings. Employee Payroll Deductions Social Security Taxes Medicare Taxes Federal Income Tax State and Local Income Taxes Voluntary Deductions Gross Pay Net Pay P2 9- Social Security Taxes Medicare Taxes Federal and State Unemployment Taxes Employers pay amounts equal to that withheld from the employee’s gross pay. Employer Payroll Taxes P3 9- Multi-Period Known Liabilities Often include unearned revenues and notes payable. Unearned revenues from magazine subscriptions often cover more than one accounting period. A portion of the earned revenue is recognized each period and the unearned revenue account is reduced. Notes payable often extend over more than one accounting period. A three-year note payable would be classified as a current liability for one year and a long-term liability for two years. C3 9- An estimated liability is a known obligation of an uncertain amount, but one that can be reasonably estimated. Estimated Liabilities P4 9- Employer expenses for pensions or medical, dental, life, and disability insurance Estimated Liabilities: Health and Pension Benefits Assume an employer agrees to pay an amount for medical insurance equal to $8,000, and contribute an additional 10% of the employees’ $120,000 gross salary to a retirement program. P4 9- Review of Accounting for Contingent Liabilities 9- C3 End of Chapter 9 9-

• Kế toán - Kiểm toán
• Financial accounting
• Lecture Financial accounting
• Accounting system
• Analyzing current liabilities
• Classifying liabilities
• Payroll liabilities
• Issues in financial accounting
• Kế toán tài chính
• Financial statements
• Accounting standards
• Financial reporting
• Financial Accounting Standards Board
• Fundamental financial accounting
• Lecture Fundamental financial accounting concepts
• Financial statement
• Accounting cycle
• Accounting for accruals
• Accounting activities
• Financial accounting practice
• Accounting information system
• Accounting terminology
• Reporting financial results
• Evaluating liquidity
• Business firms
• The financial reporting reform
• Accounting information
• Management accounting
• Accounting equation
• Accounting systems
• Decision making
• External financial reporting
• Accounting for business
• Lecture Accounting for business
• Financial accounting reports
• Statement of financial performance
• Accrual accounting systems
• Statement of financial position
• Mastering financial accounting essentials
• Financial accounting essentials
• Accrual accounting
• Income statement
• Accounting conventions
• Internal control
• Accounting for cash
• Accounting for receivables
• Computing uncollectible accounts expense
• Long term debt
• Accounting for long term debt
• Paper F3
• Revision kit 2016
• Accounting Financial
• Accounting Financial Review
• Financial Review accounting exam
• Study text 2016
• Language of business
• Double entry accounting system
• Credit terminology
• Merchandising businesses
• Accounting for merchandising businesses
• Accounting for inventories
• Cash discounts
• The accounting cycle
• International financial reporting standards
• Completing the accounting cycle
• Accounting worksheet
• Classified balance sheet