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1、Chapter11CurrentLiabilitiesAccounting,21stEditionWarrenReeveFessPowerPointPresentationbyDouglasCloudProfessorEmeritusofAccounting PepperdineUniversity©Copyright2004South-Western,adivisionofThomsonLearning.Allrightsreserved.TaskForceImageGalleryclipartincludedinthiselectronicpresentatio
2、nisusedwiththepermissionofNVTechInc.Someoftheactionhasbeenautomated,soclickthemousewhenyouseethislightningboltinthelowerright-handcornerofthescreen.Youcanpointandclickanywhereonthescreen.1.Defineandgiveexamplesofcurrentliabilities.2.Preparejournalentriesforshort-termnotespayableanddisc
3、losureforthecurrentportionoflong-termdebt.3.Describetheaccountingtreatmentforcontingentliabilitiesandjournalizeentriesforproductwarranties.4.Determineemployerliabilitiesforpayroll,includingliabilitiesarisingfromemployeeearningsanddeductionsfromearnings.ObjectivesAfterstudyingthischapte
4、r,youshouldbeableto:5.Describepayrollaccountingsystemsthatuseapayrollregister,employeeearningsrecord,andageneraljournal.6.Journalizeentriesforemployeefringebenefits,includingvacationpayandpensions.7.Usethequickratiotoanalyzetheabilityofabusinesstopayitscurrentliabilities.ObjectivesTheN
5、atureofCurrentLiabilitiesLiabilitiesthataretobepaidoutofcurrentassetsandareduewithinashorttime,usuallywithinoneyear,arecalledcurrentliabilities.Examples:AccountspayableNotespayableUnearnedrentTaxespayableWagespayableCurrentportionoflongtermdebtShort-TermNotesPayableAug.1AccountsPayable
6、—MurrayCo.100000Issueda90-day,12%noteonaccount.NotesPayable100000Afirmissuesa90-day,12%notefor$1,000,datedAugust1,2006toMurrayCo.fora$1,000overdueaccount.Oct.30NotesPayable100000InterestExpense3000Issueda90-day,12%noteonaccount.Cash103000OnOctober30,whenthenotematures,thefirmpaysthe$1,
7、000principalplus$30interest($1,000x.12x90/360).Appearsontheincomestatementasan“OtherExpense.”Short-TermNotesPayableDescriptionDebitCreditBowdenCo.(Borrower)Mdse.Inventory10,000AccountsPayable10,000CokerCo.(Creditor)DescriptionDebitCreditAccountsReceivable10,000Sales10,000CostofMdse.S
