会计学原理 (3).ppt

CURRENTLIABILITIESANDPAYROLLACCOUNTING,Chapter11,Past,Present,Future,DEFININGLIABILITIES,Becauseofapastevent.,Thecompanyhasapresentobligation,.Forfuturesacrifices,C1,CLASSIFYINGLIABILITIES,CurrentLiabilities,C1,CURRENTANDLONG-TERMLIABILITIES,PercentofTotalLiabilities,CurrentLiabilitiesasaPercentofTotalLiabilities,C1,UNCERTAINTYINLIABILITIES,UncertaintyinWhomtoPay,UncertaintyinWhentoPay,UncertaintyinHowMuchtoPay,C1,AccountsPayable,SalesTaxesPayable,UnearnedRevenues,Short-TermNotesPayable,KNOWN(DETERMINABLE)LIABILITIES,PayrollLiabilities,Multi-PeriodKnownLiabilities,C2,OnMay15,2009,MaxHardwaresoldtoolsandsuppliesfor$7,500thataresubjecttoa6%salestax.,SALESTAXESPAYABLE,C2,OnMay1,2009,A-1Cateringreceived$3,000inadvanceforcateringaweddingpartytotakeplaceonJuly12,2009.,UNEARNEDREVENUES,C2,Awrittenpromisetopayaspecifiedamountonadefinitefuturedatewithinoneyearorthecompanysoperatingcycle,whicheverislonger.,SHORT-TERMNOTESPAYABLE,P1,OnAugust1,2009,Matrix,Inc.askedCarter,Co.toaccepta90-day,12%notetoreplaceitsexisting$5,000accountpayabletoCarter.Matrixwouldmakethefollowingentry:,NOTEGIVENTOEXTENDCREDITPERIOD,P1,OnOctober30,2009,Matrix,Inc.paysthenoteplusinteresttoCarter.,NOTEGIVENTOEXTENDCREDITPERIOD,P1,NOTEGIVENTOBORROWFROMBANK,P1,FACEVALUEEQUALSAMOUNTBORROWED,OnSeptember1,2009,JacksonSmithborrows$20,000fromAmericanBank.Thenotebearsinterestat6%peryear.Principalandinterestareduein90days(November30,2009).,P1,OnNovember30,2009,Smithwouldmakethefollowingentry:,FACEVALUEEQUALSAMOUNTBORROWED,P1,NoteDate,EndofPeriod,MaturityDate,END-OF-PERIODADJUSTMENTTONOTES,P1,Dec.16,2009,Dec.31,2009,Feb.14,2010,JamesBurrowsborrowed$8,000onDec.16,2009,bysigninga12%,60-daynotepayable.,NoteDate,EndofPeriod,MaturityDate,END-OF-PERIODADJUSTMENTTONOTES,P1,OnDecember16,2009,JamesBurrowswouldmakethefollowingentry:,OnDecember31,2009,theadjustmentis:,$8,00012%(15360)=$40,END-OF-PERIODADJUSTMENTTONOTES,P1,OnFebruary14,2010,JamesBurrowswouldmakethefollowingentry.,END-OF-PERIODADJUSTMENTTONOTES,P1,Employersincurexpensesandliabilitiesfromhavingemployees.,PAYROLLLIABILITIES,P2,EMPLOYEEPAYROLLDEDUCTIONS,FICATaxes,MedicareTaxes,FederalIncomeTax,StateandLocalIncomeTaxes,VoluntaryDeductions,GrossPay,P2,FICATaxesSoc.Sec.,FICATaxesMedicare,2008:6.2%ofthefirst$102,200earnedintheyear(Max=$6,324).,2008:1.45%ofallwagesearnedintheyear.,EmployersmustpaywithheldtaxestotheInternalRevenueService(IRS).,EMPLOYEEFICATAXES,FederalInsuranceContributionsAct(FICA),P2,Amountswithhelddependontheemployeesearnings,taxrates,andnumberofwithholdingallowances.,Employersmustpaythetaxeswithheldfromemployeesgrosspaytotheappropriategovernmentagency.,FederalIncomeTax,StateandLocalIncomeTaxes,EMPLOYEEINCOMETAX,P2,Amountswithhelddependontheemployeesrequest.,Employersowevoluntaryamountswithheldfromemployeesgrosspaytothedesignatedagency.,VoluntaryDeductions,Examplesincludeuniondues,savingsaccounts,pensioncontributions,insurancepremiums,andcharities,EMPLOYEEVOLUNTARYDEDUCTIONS,P2,Theentrytorecordpayrollexpensesanddeductionsforanemployeemightlooklikethis.,RECORDINGEMPLOYEEPAYROLLDEDUCTIONS,P2,FICATaxes,MedicareTaxes,FederalandStateUnemploymentTaxes,EMPLOYERPAYROLLTAXES,P3,FEDERALANDSTATEUNEMPLOYMENTTAXES,P3,TheentrytorecordtheemployerpayrolltaxesforJanuarymightlooklikethis:,SUTA:$4,0005.4%=$216FUTA:$4,000(6.2%-5.4%)=$32,FICAamountsarethesameasthatwithheldfromtheemployeesgrosspay.,RECORDINGEMPLOYERPAYROLLTAXES,P3,MULTI-PERIODKNOWNLIABILITIES,Oftenincludeunearnedrevenuesandnotespayable.,Unearnedrevenuesfrommagazinesubscriptionsoftencovermorethanoneaccountingperiod.Aportionoftheearnedrevenueisrecognizedeachperiodandtheunearnedrevenueaccountisreduced.,Notespayableoftenextendovermorethanoneaccountingperiod.Athree-yearnotepayablewouldbeclassifiedasacurrentliabilityforoneyearandalong-termliabilityfortwoyears.,C2,Anestimatedliabilityisaknownobligationofanuncertainamount,butonethatcanbereasonablyestimated.,ESTIMATEDLIABILITIES,P4,Employerexpensesforpensionsormedical,dental,lifeanddisabilityinsurance,HEALTHANDPENSIONBENEFITS,Assumeanemployeragreestopayanamountformedicalinsuranceequalto$8,000,andcontributeanadditional10%oftheemployees$120,000grosssalarytoaretirementprogram.,P4,Employerexpensesforpaidvacationbyemployees,VACATIONBENEFITS,Assumeanemployeeearns$62,400peryearandearnstwoweeksofpaidvacationeachyear.,P4,Manybonusespaidtoemployeesarebasedonreportednetincome.,BONUSPLANS,Assumetheannualyearlybonustothestoremanagerisequalto10%ofthecompanysannualnetincomeminusthebonus.Thestoreearned$100,000netincomethisyear.,P4,BONUSPLANS,Assumetheannualyearlybonustothestoremanagerisequalto10%ofthecompanysannualnetincomeminusthebonus.Thestoreearned$100,000netincomethisyear.,Manybonusespaidtoemployeesarebasedonreportednetincome.,P4,WARRANTYLIABILITIES,Sellersobligationtoreplaceorcorrectaproduct(orservice)thatfailstoperformasexpectedwithinaspecifiedperiod.Toconformwiththematchingprinciple,thesellerreportsexpectedwarrantyexpenseintheperiodwhenrevenuefromthesaleisreported.,Adealersellsacarfor$32,000,onDecember1,2009,withawarrantyforpartsandlaborfor12months,or12,000miles.Thedealershipexperiencesanaveragewarrantycostof3%ofthesellingpriceofeachcar.,P4,WARRANTYLIABILITIES,OnFebruary15,2010,partsof$200andlaborof$250coveredunderwarrantywereincurred.,Adealersellsacarfor$32,000,onDecember1,2009,withawarrantyforpartsandlaborfor12months,or12,000miles.Thedealershipexperiencesanaveragewarrantycostof3%ofthesellingpriceofeachcar.,P4,Amount.,CONTINGENTLIABILITIES,Potentialobligationthatdependsonafutureeventarisingoutofapasttransactionorevent.,C3,ACCOUNTINGFORCONTINGE