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Liabilities Chapter 10 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 McGraw-Hill/Irwin Copyright©2012TheMcGraw-Hill Companies,Inc. The Nature of Liabilities Defined as debts or obligations arising from past transactions or events. Maturity = 1 year or less Current Liabilities Maturity > 1 year Noncurrent Liabilities 10­2 Distinction Between Debt and Equity The acquisition of assets is financed from two sources: Funds from creditors, with a definite due date, and sometimes bearing interest. Funds from owners. 10­3 Estimated Liabilities Estimated liabilities have two basic characteristics: 1.The liability is known to exist, 2.The precise dollar amount cannot be determined until a later date. Example: An automobile warranty obligation. 10­4 Current Liabilities:Accounts Payable Short-term obligations to suppliers for purchases of merchandise and to others for goods and services. Merchandise inventory invoices Examples Office supplies invoices Shipping charges Utility and phone bills 10­5 ... - tailieumienphi.vn