Kế toán, kiểm toán - Chapter 10: Liabilities
An estimated liability has two basic characteristics: (1) the liability is known to exist, and (2) the precise dollar amount cannot be determined until a later date. An example of an estimated liability is the warranty associated with a new car provided by the manufacturer. The warranty usually extends for a number of years. As each car is sold, the automaker incurs a liability to perform any work that may be required under the warranty. The dollar amount of the liability, however, can only be estimated at the date of sale.
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LiabilitiesChapter 10The Nature of LiabilitiesDefined as debts or obligations arising from past transactions or events.Maturity = 1 year or lessMaturity > 1 yearCurrent LiabilitiesNoncurrent LiabilitiesDistinction Between Debt and EquityThe acquisition of assets is financed from two sources:Funds from creditors, with a definite due date, and sometimes bearing interest.Funds from owners.Estimated LiabilitiesEstimated liabilities have two basic characteristics:The liability is known to exist, The precise dollar amount cannot be determined until a later date.Example: An automobile warranty obligation.Short-term obligations to suppliers for purchases of merchandise and to others for goods and services.Merchandise inventory invoicesShipping chargesUtility and phone billsOffice supplies invoicesCurrent Liabilities: Accounts PayableExamplesTotal Notes PayableCurrent Notes PayableNoncurrent Notes PayableWhen a company borrows money, a note payable is created.Current Portion of Notes PayableThe portion of a note payable that is due within one year, or one operating cycle, whichever is longer.Current Liabilities: Notes PayableCurrent Liabilities: Notes PayablePROMISSORY NOTE Location Date after this date promises to pay to the order of the sum of with interest at the rate of per annum. Miami, FlNov. 1, 2011Six monthsPorter CompanyJohn CaldwellSecurity National Bank$10,000.0012.0%Treasurer and Senior VPSigned:Title:Accrued LiabilitiesAccrued liabilities arise from the recognition of expenses for which payment will be made in the future. Accrued liabilities are often referred to as accrued expenses.Examples include:Interest payable,Income taxes payable, andAccrued payroll liabilities.Relatively small debt needs can be filled from single sources.BanksInsurance CompaniesPension PlansororLong-Term LiabilitiesLarge debt needs are often filled by issuing bonds.Long-Term LiabilitiesMaturing Obligations Intended to be RefinancedOne special type of long-term liability is an obligation that will mature in the current period but that is expected to be refinanced on a long-term basis.If management has both the intend and ability to refinance soon-to-mature obligations on a long-term basis, these obligations are classified as long-term liabilities.Bonds PayableBonds usually involve the borrowing of a large sum of money, called principal.The principal is usually paid back as a lump sum at the end of the bond period.Individual bonds are often denominated with a par value, or face value, of $1,000.Bonds PayableBonds usually carry a stated rate of interest, also called a contract rate.Interest is normally paid semiannually.Interest is computed as:Principal × Stated Rate × Time = InterestMortgage BondsConvertible BondsJunk BondsDebenture BondsTypes of BondsEnd of Chapter 10
