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1、CURRENTLIABILITIESAND PAYROLLACCOUNTINGChapter11PastPresentFutureDEFININGLIABILITIESBecauseofa pastevent...The company hasa present obligation...Forfuture sacrificesC1Expectedtobepaidwithinoneyearorthecompany’soperatingcycle,whicheverislonger.CLASSIFYINGLIABILITIESCurrentLiabilitiesExpectednottobe
2、paidwithinoneyearorthecompany’soperatingcycle,whicheverislonger.Long-TermLiabilitiesC1CURRENTANDLONG-TERMLIABILITIESPercentofTotalLiabilitiesCurrentLiabilitiesasaPercentofTotalLiabilitiesC1UNCERTAINTYINLIABILITIESUncertaintyinWhomtoPayUncertaintyinWhentoPayUncertaintyinHowMuchtoPayC1AccountsPayabl
3、eSalesTaxesPayableUnearnedRevenuesShort-TermNotesPayableKNOWN(DETERMINABLE)LIABILITIESPayrollLiabilitiesMulti-PeriodKnownLiabilitiesC2OnMay15,2009,MaxHardwaresoldtoolsandsuppliesfor$7,500thataresubjecttoa6%salestax.SALESTAXESPAYABLE$7,500×6%=$450C2OnMay1,2009,A-1Cateringreceived$3,000inadvanceforc
4、ateringaweddingpartytotakeplaceonJuly12,2009.UNEARNEDREVENUESC2Awrittenpromisetopayaspecifiedamountonadefinitefuturedatewithinoneyearorthecompany’soperatingcycle,whicheverislonger.SHORT-TERMNOTESPAYABLEP1OnAugust1,2009,Matrix,Inc.askedCarter,Co.toaccepta90-day,12%notetoreplaceitsexisting$5,000acco
5、untpayabletoCarter.Matrixwouldmakethefollowingentry:NOTEGIVENTOEXTEND CREDITPERIODP1OnOctober30,2009,Matrix,Inc.paysthenoteplusinteresttoCarter.Interestexpense=$5,000×12%×(90÷360)=$150NOTEGIVENTOEXTEND CREDITPERIODP1PROMISSORYNOTEFaceValueDateafterdatepromisetopaytotheorderofAmericanBankNashville,
6、TNDollarsplusinterestattheannualrateof.$20,000Sept.1,2009NinetydaysITwentythousandandno/100-----------------6%JacksonSmithNOTEGIVENTOBORROWFROMBANKP1FACEVALUEEQUALSAMOUNTBORROWEDOnSeptember1,2009,JacksonSmithborrows$20,000fromAmericanBank.Thenotebearsinterestat6%peryear.Principalandinterestareduei
7、n90days(November30,2009).P1OnNovember30,2009,Smithwould makethefollowingentry:$20,000×6%×(90÷360)=$300FACEVALUEEQUALSAMOUNTBORROWEDP1NoteDateEndofPeriodMaturityDateAnadjustingentryisrequiredtorecordInterestExpens
