Intermediate Accounting
Learning Objectives
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Current Liabilities “What is a Liability?”
Current Liabilities
Current Liabilities Typical Current Liabilities
Current Liabilities Accounts Payable (trade accounts payable)
Current Liabilities Notes Payable
Notes Payable Interest-Bearing Note Issued
Interest-Bearing Note Issued Recording Interest
Interest-Bearing Note Issued Payment at Maturity
Current Liabilities Zero-Interest-Bearing Note Issued
Zero-Interest-Bearing Note Issued Balance Sheet Presentation
Accounts and Notes Payable Illustration
Accounts and Notes Payable Journal Entries
Accounts and Notes Payable Adjusting Journal Entries
Accounts and Notes Payable Balance Sheet December 31
Current Liabilities Dividends Payable
Current Liabilities Customer Advances and Deposits
Current Liabilities Unearned Revenues
Current Liabilities
Current Liabilities Sales Taxes Payable
Sales Taxes Payable
Sales Taxes Payable Alternate Calculation
Current Liabilities Income Taxes Payable
Current Liabilities Employee-Related Liabilities
Employee-Related Liabilities Payroll Deductions
Payroll Deductions Social Security Taxes
Payroll Deductions Unemployment Taxes
Unemployment Taxes
Payroll Deductions Income Tax Withholdings
Payroll Deductions Example Employee
Payroll Deductions Example Employer
Employee-Related Liabilities Compensated Absences
Compensated Absences Balance Sheet Presentation
Compensated Absences
Employee-Related Liabilities Bonus Agreements
Bonus Agreements
Current Liabilities Current Maturities of Long-Term Debt
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Short-Term Obligations Expected to Be Refinanced
Refinancing Illustration
Questions:
Slide 47
Contingencies
Contingencies Gain Contingencies
Contingencies Loss Contingencies
Loss Contingencies
Loss Contingencies Illustration
Loss Contingencies Usually Accrued
Loss Contingencies Not Accrued
Loss Contingencies May Be Accrued*
Loss Contingencies May Be Accrued
Loss Contingencies Common loss contingencies:
Loss Contingencies Litigation, Claims, and Assessments
Loss Contingencies Guarantee and Warranty Costs
Guarantee and Warranty Costs Assurance-Type Warranty
Assurance-Type Warranty
Assurance-Type Warranty Recognize Sale of Machines
Assurance-Type Warranty Record Payment 2020
Assurance-Type Warranty Adjusting Entry
Assurance-Type Warranty Record Payment 2021
Guarantee and Warranty Costs Service-Type Warranty
Service-Type Warranty
Service-Type Warranty Record the Sale
Service-Type Warranty Record Warranty Costs
Service-Type Warranty Adjusting Entry
Service-Type Warranty Revenue Recognized in 2023
Loss Contingencies Consideration Payable
Consideration Payable
Slide 74
Consideration Payable Adjusting Entry
Loss Contingencies Environmental Liabilities
Environmental Liabilities Obligating Events
Environmental Liabilities Illustration
Slide 79
Environmental Liabilities December 31, 2020
Environmental Liabilities January 10, 2025
Loss Contingencies Self-Insurance
Self-Insurance Disclosure
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Presentation and Analysis
Current Liabilities Presentation
Presentation of Current Liabilities
Actual Refinancing of Short-Term Debt
Presentation of Contingencies
Disclosure of Loss Contingency through Litigation
Analysis of Current Liabilities
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I F R S Insights Relevant Facts – Similarities
I F R S Insights Relevant Facts – Similarities
I F R S Insights Relevant Facts – Differences
I F R S Insights Relevant Facts – Differences
Copyright