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1、Lesson7Liabilities1YESUNAccountingEnglishTheNatureofLiabilitiesI.O.U.Definedasdebtsorobligationsarisingfrompasttransactionsorevents.Maturity=1yearorlessMaturity>1yearCurrentLiabilitiesNoncurrentLiabilities2YESUNAccountingEnglishDistinctionBetweenDebt
2、andEquityTheacquisitionofassetsisfinancedfromtwosources:Fundsfromcreditors,withadefiniteduedate,andsometimesbearinginterest.FundsfromownersDEBTEQUITY3YESUNAccountingEnglishAccountsPayableShort-termobligationstosuppliersforpurchasesofmerchandiseandtoo
3、thersforgoodsandservices.MerchandiseInventoryinvoicesShippingchargesUtilityandphonebillsOfficesuppliesinvoices4YESUNAccountingEnglishNotesPayableCurrentNotesPayableNoncurrentNotesPayableTotalNotesPayableWhenacompanyborrowsmoney,anotepayableiscreated.
4、CurrentPortionofNotesPayableTheportionofanotepayablethatisduewithinoneyear,oroneoperatingcycle,whicheverislonger.5YESUNAccountingEnglishNotesPayablePROMISSORYNOTELocationDateafterthisdatepromisestopaytotheorderofthesumofwithinterestattherateofperannu
5、m.signedtitleMiami,FlNov.1,1999SixmonthsPorterCompanyJohnCaldwellSecurityNationalBank$10,000.0012.0%treasurer6YESUNAccountingEnglishNotesPayableOnNovember1,1999,PorterCompanywouldmakethefollowingentry.7YESUNAccountingEnglishInterestexpenseisthecompen
6、sationtothelenderforgivinguptheuseofmoneyforaperiodoftime.Theliabilityiscalledinterestpayable.Tothelender,interestisarevenue.Totheborrower,interestisanexpense.InterestRateUp!InterestPayable8YESUNAccountingEnglishWhatentrywouldPorterCompanymakeonDecem
7、ber31,thefiscalyear-end?InterestPayable Example9YESUNAccountingEnglishInterestPayable ExampleOnDecember31,PorterCompanywouldrecordinterestpayablewiththefollowingentry:$10,000´12%´2/12=$20010YESUNAccountingEnglishPayrollLiabilitiesEmployersincursevera
8、lexpensesandliabilitiesfromhavingemployees.11YESUNAccountingEnglishPersonalincomeTaxesHousingfundUnemploymentInsurance,etc.VoluntaryDeductionsNetPayGrossPayPayrollLiabilities12YESUNAccountingEnglishEarnedrevenueisrecorded.Astheearningsprocessiscomple
