Current liabilities

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  • The current liabilities section of the balance sheet contains obligations that are due to be satisfied in the near term, and includes amounts relating to accounts payable, salaries, utilities, taxes, short-term loans, and so forth. This casual description is inadequate for all situations, so accountants have developed a very specific definition to deal with more issues.

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  • Best Electronics operates a retail electronics company. Examine the following items and prepare the current liability section of the company’s December 31, 20X8, balance sheet. The beginning of year accounts payable was $150,000. Purchases on trade accounts during the year were $975,000, and payments on account were $915,000.

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  • The current liabilities section of the balance sheet contains obligations that are due to be satisfied in the near term, and includes amounts relating to accounts payable, salaries, utilities, taxes, short-term loans, and so forth. This casual description is inadequate for all situations, so accountants have developed a very specific definition to deal with more issues.

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  • Chapter 9 - Reporting and interpreting liabilities. After studying this chapter, you should be able to: Define, measure, and report current liabilities; use the quick ratio; analyze the accounts payable turnover ratio; report notes payable and explain the time value of money; report contingent liabilities; explain the importance of working capital and its impact on cash flows; report long-term liabilities; compute present values; apply present value concepts to liabilities.

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  • On October 1, 20X4, River Woods purchased land by giving $200,000 in cash and executing a $800,000 note payable to the former owner. The note bears interest at 8% per annum, with interest being payable annually on September 30 of each year. Rojas is also required to make a $200,000 payment toward the note’s principal on every September 30. a) Prepare the appropriate journal entry to record the land purchase on October 1, 20X4. b) Prepare the appropriate journal entry to record the year-end interest accrual on December 31, 20X4. c) Prepare...

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  • Prepare journal entries to record each of the following independent stock issue situations. a) Max Graphics Corporation issued 500,000 shares of $0.50 par value common stock. The issue price was $18 per share. b) Aztec Corporation issued 35,000 shares of no par common stock for $25 per share. c) Pyramid Play issued 60,000 shares of $50 par value preferred stock. The issue price was $76 per share. d) Paradise Land Management issued 15,000 shares of $1 par value common stock for land with a fair value of $250,000....

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  • IAS 1 This version includes amendments resulting from IFRSs issued up to 17 January 2008. IAS 1 Presentation of Financial Statements was issued by the International Accounting Standards Committee in September 1997. It replaced IAS 1 Disclosure of Accounting Policies (originally approved in 1974), IAS 5 Information to be Disclosed in Financial Statements (originally approved in 1977) and IAS 13 Presentation of Current Assets and Current Liabilities (originally approved in 1979).

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  • 8 Understanding the Numbers Nutrivite Projected Balance Sheet as of December 31, 200X Assets Cash Inventory Current assets Fixed assets: Equipment Less depreciation Net equipment Total assets $36,000 3,600 $32,400 32,400 $153,000 $ 40,600 80,000 120,600 Current liabilities Equity: Capital: Jan 1 Add net income Less drawings Capital: Dec 31 Liabilities and equity 40,000 100,000 84,000 (71,000) 113,000 $153,000 Liabilities and Equity Accounts payable $ 40,000 As you can see, Cash is increased by $5,000 to $40,600—which is sufficient to pay the Accounts Payable of $40,000.

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  • Chapter 13 Analysis of Financial Statements a. A liquidity ratio is a ratio that shows the relationship of a firm’s cash and other current assets to its current liabilities. The current ratio is found by dividing current assets by current liabilities. It indicates the extent to which current liabilities are covered by those assets expected to be converted to cash in the near future.

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  • Chapter 22 Working Capital Management a. Working capital is a firm’s investment in short-term assets--cash, marketable securities, inventory, and accounts receivable. Net working capital is current assets minus current liabilities. Net operating working capital is operating current assets minus operating current liabilities.

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  • CHAPTER 15 Managing Current Assets Alternative working capital policies Cash management Inventory management Accounts receivable management Working capital terminology Gross working capital – total current assets. Net working capital – current assets minus non-interest bearing current liabilities.

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  • INTRODUCTION AND OUTLINE 69.1.1 Needs of Owners, Investors, and Lenders 69. 1 .2 Needs of Top Managers 69.1.3 Needs of Middle Managers of Line Functions 69. 1 .4 Needs of Staff Groups (Product Planners, Engineers, Market Researchers) 69. 1 .5 Needs of Accountants AFINANCIALMODEL BALANCESHEET 69.3.1 Current Assets 69.3.2 Current Liabilities 69.3.3 Accrual Accounting 69.3.4 Interest-Bearing Current Liabilities 69.3.5 Net Working Capital 69.3.6 Current Ratio 69.3.7 Fixed Assets 69.3.8 Total Capital 69.3.9 Second Year Comparison ...

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  • Distance-based pricing can help achieve equity objectives. Since annual vehicle mileage tends to increase with income, fixed-price insurance causes lower-income motorists to subsidize the insurance costs of higher-income motorists within their rate class. Distance-based insurance pricing provides overall savings to lower-income motorists, and would allow some low-income households to own a vehicle for basic mobility that they cannot currently afford. Distance-based pricing lets motorists save money by reducing mileage, an option that is currently unavailable.

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  • The material in Volume 2 allows candidates to work CPA exam questions, some of which have appeared on previous examinations. This provides candidates with an effective method of studying the material tested on the exam. However, candidates should also realize that the CPA has new material. Therefore, candidates should use the study guides and outlines included in Volume 1 as a means of bridging this gap. Also included at the end of this volume are sample exams for all four sections. They are included to enable candidates to gain experience in taking a “realistic” exam.

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  • Many harms flow across the ever-more porous sovereign borders of a globalizing world. These harms expose weaknesses in the international legal regime built on sovereignty of nation states. Using the Trail Smelter arbitration, one of the most cited cases in international environmental law, this book explores the changing nature of state responses to transboundary harm. Taking a critical approach, the book examines the arbitration’s influence on international law generally and international environ- mental law specifically.

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  • In the current five-year plan (1991-1995), China plans to place greatest efforts on developing infrastructure, particularly thermoelectric and hydropower installations, new railway systems, large deep-sea ports, a national phone network, and food processing and chemical plants. Local governments also have their own blue prints for local construction besides the central government integrative plan. For example, Guangxi province has 24 new and rebuilt major projects in 1992.

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  • Once you receive the community’ s letter stating that the cost to repair flood damage to your building is 50 percent or more of its market value, you may file an ICC claim. You should contact your flood adjuster or your flood insurer’ s claims representative to file the ICC claim. You have 4 years from the date of the community’ s letter declaring the building to be substantially damaged to complete your chosen mitigation activity under the terms of the Standard Flood Insurance Policy .

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  • Restricted cash is cash that has been set aside for a particular use and is not available for paying current liabilities. Restricted cash is not a current asset, rather it is classified as an investment on the balance sheet. A compensating balance is some specified minimum amount that must be maintained on deposit with a bank that has made a loan to the company.

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  • The definition of an insurance contract distinguishes insurance contracts that are subject to IFRS 4 from those contracts that are subject to IAS 39. Some contracts, however, contain both an insurance component and a deposit component. The deposit component of an insurance contract is defined as a contractual component that is not accounted for as a financial instrument under IAS 39, but that would be within the scope of IAS 39 if it were a separate instrument.

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  • Finally, along with NHTSA’s vehicle rating programs, other countries around the world have also established their own version of NHTSA’s NCAP to help educate and to provide safety ratings to the public. Currently, there exist NCAPs in Europe, Japan, Australia, Korea, and China. Similarly in the US, there exists the Insurance Institute for Highway Safety (IIHS) and Consumers Union (publisher of Consumer Reports) that also serve to generate and publish vehicle ratings.

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