Payroll Liabilities MltiPeriod Known Liabilities McGrawHill 工资负债多期已知负债麦格劳山

1、powerpoint authors:susan coomer galbreath, ph.d., cpacharles w. caldwell, d.b.a., cmajon a. booker, ph.d., cpa, ciacynthia j. rooney, ph.d., cpacopyright 2011 by the mcgraw-hill companies, inc. all rights reserved.mcgraw-hill/irwinchapter 11current liabilities andpayroll accounting11 - 2defining lia

2、bilitiesc 111 - 3classifying liabilitiesexpected to be paid within one year or the companys operating cycle, whichever is longer.current liabilitiesnot expected to be paid within one year or the companys operating cycle, whichever is longer.long-term liabilitiesc 111 - 4uncertainty in liabilitiesunc

3、ertainty in when to payc 1uncertainty in whom to payuncertainty in how much to pay11 - 5accounts payablesales taxes payableunearned revenuesshort-term notes payableknown liabilitiespayroll liabilitiesmulti-period known liabilitiesc 211 - 6on june 30, beyonce sells $5,000,000 in tickets for eight con

4、certs.unearned revenuesc 2on oct. 31, beyonce performs a concert.$5,000,000 / 8 = $625,00011 - 7a written promise to pay a specified amount on a definite future date within one year or the companys operating cycle, whichever is longer.short-term notes payablep 111 - 8on august 23, brady company asks

5、 mcgraw to accept $100 cash and a 60-day, 12% $500 note to replace its existing $600 account payable. note given to extendcredit periodp 111 - 9on october 22, brady pays the note plus interest to mcgraw. note given to extendcredit periodp 1interest expense = $500 12% (60 360) = $1011 - 10payroll lia

6、bilities employers incur expenses andliabilities fromhaving employees.p 211 - 11employee payroll deductionsp 211 - 12employers pay amounts equal to that withheld from the employees gross pay.employer payroll taxesfica taxesfederal and state unemployment taxesmedicare taxesp 311 - 13multi-period know

7、n liabilitiesincludes unearned revenues and notes payableunearned revenues from magazine subscriptions often cover more than one accounting period. a portion of the earned revenue is recognized each period and the unearned revenue account is reduced.notes payable often extend over more than one acco

8、unting period. a three-year note would be classified as a current liability for one year and a long-term liability for two years.c 211 - 14warranty liabilitiessellers obligation to replace or correct a product (or service) that fails to perform as expected within a specified period. to comply with t

9、he full disclosure and matching principles, the seller reports expected warranty expense in the period when revenue from the sale is reported.p 411 - 15accounting forcontingent liabilitiesc 311 - 16global viewcharacteristics of liabilitiesaccounting definitions and characteristics of current liabili

10、ties are similar for u.s. gaap and ifrs. sometimes ifrs will use the word “provision” to refer to a “liability.” known (determinable) liabilitiesboth u.s. gaap and ifrs require companies to treat known (or determinable) liabilities in a similar manner. examples would be accounts payable, unearned revenues, and payroll liabilities. estimated liabilitiesregarding estimated liabilities, when a known current