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Chapter 9
Reporting and interpreting Liabilities
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA Charles W Caldwell, D.B.A., CMA
Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
McGrawHill/Irwin Copyright © 2014 by The McGrawHill Companies, Inc. All rights reserved.-1
Liabilities Defined and Classified
Defined as probable debts or obligations of the entity that result from past transactions, which will be paid with assets or services.
Maturity = 1 year or less
Current Liabilities
Maturity > 1 year
Noncurrent Liabilities
9-2
Liquidity
Liquidity is the ability to pay current obligations.
Working capital is a Working Capital margin of safety
that ensures a Current Assets company can meet
– Current Liabilities its short-term obligations.
9-3
Current Liabilities
Account Name
Accounts Payable
Accrued Liabilities
Notes Payable
Deferred
Revenues
Also Called
Trade Accounts Payable
Accrued Expenses
N/A
Unearned
Revenues
Definition Obligations to pay for goods and services used in the basic operating activities of the business. Obligations related to expenses that
have been incurred but have not been paid at the end of the accounting period.
Obligations due supported by a formal written contract.
Obligations arising when cash is received prior to the related revenue
being earned.
9-4
Payroll Taxes
Gross Pay
Net Pay Less Deductions:
Social Security Tax
Medicare Tax
Federal Income Tax
State and Local Income Taxes
Voluntary Deductions
9-5
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