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Chapter10LiabilitiesChapter10LiabilitiesTheNatureofLiabilitiesI.O.U.Definedasdebtsorobligationsarisingfrompasttransactionsorevents.Maturity=1yearorlessMaturity>1yearCurrentLiabilitiesNoncurrentLiabilitiesTheNatureofLiabilitiesI.O.UDistinctionBetweenDebtandEquityTheacquisitionofassetsisfinancedfromtwosources:Fundsfromcreditors,withadefiniteduedate,andsometimesbearinginterest.FundsfromownersDEBTEQUITYDistinctionBetweenDebtandELiabilities

QuestionDevonMfg.borrows$100,000fromFirstBank.Theloanwillberepaidin20yearsandhasanannualinterestrateof8%.

Isthisacurrentliabilityoranoncurrentliability?Liabilities

QuestionDevonMfg.Liabilities

QuestionTheobligationwillnotbepaidwithinoneyearoroneoperatingcycle,soitisanoncurrentliability.DevonMfg.borrows$100,000fromFirstBank.Theloanwillberepaidin20yearsandhasanannualinterestrateof8%.

Isthisacurrentliabilityoranoncurrentliability?Liabilities

QuestionTheobligaEvaluatingLiquidityCurrentRatio=CurrentAssets

?CurrentLiabilitiesWorkingCapital=CurrentAssets

-CurrentLiabilitiesAnimportantindicatorofacompany抯abilitytomeetitscurrentobligations.Twocommonlyusedmeasures:EvaluatingLiquidityCurrentRaLiabilities

QuestionDevonMfg.hascurrentliabilitiesof$230,000andcurrentassetsof$322,000.WhatisDevon’scurrentratio?Liabilities

QuestionDevonMfg.Liabilities

QuestionDevonMfg.hascurrentliabilitiesof$230,000andcurrentassetsof$322,000.WhatisDevon’scurrentratio?Liabilities

QuestionDevonMfg.AccountsPayableShort-termobligationstosuppliersforpurchasesofmerchandiseandtoothersforgoodsandservices.MerchandiseInventoryinvoicesShippingchargesUtilityandphonebillsOfficesuppliesinvoicesAccountsPayableShort-termoblNotesPayableCurrentNotesPayableNoncurrentNotesPayableTotalNotesPayableWhenacompanyborrowsmoney,anotepayableiscreated.CurrentPortionofNotesPayableTheportionofanotepayablethatisduewithinoneyear,oroneoperatingcycle,whicheverislonger.NotesPayableCurrentNotesPayNotesPayablePROMISSORYNOTELocation

Dateafterthisdatepromisestopaytotheorderofthesumofwithinterestattherateofperannum.

signed

titleMiami,FlNov.1,1999SixmonthsPorterCompanyJohnCaldwellSecurityNationalBank$10,000.0012.0%treasurerNotesPayablePROMISSORYNOTEMiNotesPayableOnNovember1,1999,PorterCompanywouldmakethefollowingentry.NotesPayableOnNovember1,19Interestexpenseisthecompensationtothelenderforgivinguptheuseofmoneyforaperiodoftime.Theliabilityiscalledinterestpayable.Tothelender,interestisarevenue.Totheborrower,interestisanexpense.InterestRateUp!InterestPayableInterestexpenseisthecompenTheinterestformulaincludesthreevariablesthatmustbeconsideredwhencomputinginterest:Interest=Principal?InterestRate?TimeWhencomputinginterestforoneyear,time?equals1.Whenthecomputationperiodislessthanoneyear,thentime?isafraction.InterestPayableForexample,ifweneededtocomputeinterestfor3months,time?wouldbe3/12.TheinterestformulaincludesWhatentrywouldPorterCompanymakeonDecember31,thefiscalyear-end?InterestPayable

ExampleWhatentrywouldPorterCompanInterestPayable

ExampleOnDecember31,PorterCompanywouldrecordinterestpayablewiththefollowingentry:$10,00012%2/12=$200InterestPayable

ExampleOnDecPayrollLiabilities

Employersincurseveralexpensesandliabilitiesfromhavingemployees.PayrollLiabilitiesFICATaxesMedicareTaxesFederalIncomeTaxStateandLocalIncomeTaxesVoluntaryDeductionsNetPayGrossPayPayrollLiabilitiesFICATaxesMedicareTaxesFederaDeferredrevenueisrecorded.Deferredrevenueisaliabilityaccount.Cashisreceivedinadvance.Cashissometimescollectedfromthecustomerbeforetherevenueisactuallyearned.UnearnedRevenueDeferredrevenueisrecorded.DEarnedrevenueisrecorded.Astheearningsprocessiscompleted...Deferredrevenueisrecorded.Cashisreceivedinadvance.UnearnedRevenueCashissometimescollectedfromthecustomerbeforetherevenueisactuallyearned.Earnedrevenueisrecorded.AsRelativelysmalldebtneedscanbefilledfromsinglesources.BanksInsuranceCompaniesPensionPlansororLong-TermDebtRelativelysmalldebtneedscaLargedebtneedsareoftenfilledbyissuingbonds.Long-TermDebtLargedebtneedsareoftenfilInstallmentNotesPayableLong-termnotesthatcallforaseriesofinstallmentpayments.EachpaymentcoversinterestfortheperiodANDaportionoftheprincipal.Witheachpayment,theinterestportiongetssmallerandtheprincipalportiongetslarger.InstallmentNotesPayableLong-AllocatingInstallmentPaymentsBetweenInterestandPrincipalIdentifytheunpaidprincipalbalance.UnpaidPrincipal?Interestrate=Interestexpense.Installmentpayment-Interestexpense=Reductioninunpaidprincipalbalance.Computenewunpaidprincipalbalance.AllocatingInstallmentPaymentAllocatingInstallmentPaymentsBetweenInterestandPrincipalOnJanuary1,1999,RocketCorp.borrowed$7,851.57fromFirstBankofRiverCity.Theloanwasafive-yearloanandhadaninterestrateof10%.Theannualpaymentis$2,000.PrepareanamortizationtableforRocketCorp.’sloan.AllocatingInstallmentPaymentAllocatingInstallmentPaymentsBetweenInterestandPrincipalNow,preparetheentryforthefirstpaymentonJanuary1,2000.AllocatingInstallmentPaymentAllocatingInstallmentPaymentsBetweenInterestandPrincipalTheinformationneededforthejournalentrycanbefoundontheamortizationtable.Thepaymentamount,theinterestexpense,andtheamounttocredittoprincipalareallonthetable.AllocatingInstallmentPaymentBondsPayableBondsusuallyinvolvetheborrowingofalargesumofmoney,calledprincipal.Theprincipalisusuallypaidbackasalumpsumattheendofthebondperiod.Individualbondsareoftendenominatedwithaparvalue,orfacevalue,of$1,000.BondsPayableBondsusuallyinvBondsPayableBondsusuallycarryastatedrateofinterest,alsocalledacontractrate.Interestisnormallypaidsemiannually.Interestiscomputedas:Interest=Principal?StatedRate?TimeBondsPayableBondsusuallycarBondsPayableBondsareissuedthroughanintermediarycalledanunderwriter.Bondscanbesoldonorganizedsecuritiesexchanges.Bondpricesareusuallyquotedasapercentageofthefaceamount.Forexample,a$1,000bondpricedat102wouldsellfor$1,020.BondsPayableBondsareissuedTypesofBondsMortgageBondsConvertibleBondsJunkBondsDebentureBondsTypesofBondsMortgageBondsCoAccountingforBondsPayableOnJanuary1,2000,RocketCorp.issues$1,500,000of12%,10-yearbondspayable.Interestispayablesemiannually,eachJuly1andJanuary1.Assumethebondsareissuedatfacevalue.Recordtheissuanceofthebonds.AccountingforBondsPayableOnAccountingforBondsPayableOnJanuary1,2000,RocketCorp.issues$1,500,000of12%,10-yearbondspayable.Interestispayablesemiannually,eachJuly1andJanuary1.Assumethebondsareissuedatfacevalue.Recordtheissuanceofthebonds.AccountingforBondsPayableOnAccountingforBondsPayableRecordtheinterestpaymentonJuly1,2000.AccountingforBondsPayableReAccountingforBondsPayableRecordtheinterestpaymentonJuly1,2000.AccountingforBondsPayableReBondsSoldBetweenInterestDatesBondsareoftensoldbetweeninterestdates.Thesellingpriceofthebondiscomputedas:BondsSoldBetweenInterestDaLet’slookatthepresentvalueconcept!Holdontight!Let’slookatthepresentvaluTheConceptofPresentValue$1,000investedtodayat10%.Moneycangrowovertime,becauseitcanearninterest.TheConceptofPresentValue$1$1,000investedtodayat10%.In5yearsitwillbeworth$1,610.51.In25yearsitwillbeworth$10,834.71!PresentValueFutureValueTheConceptofPresentValue$1,000investedtodayat10%.IHowmuchisafutureamountworthtoday?TodayPresentValueFutureValueInterestcompoundingperiodsTheConceptofPresentValueHowmuchisafutureamountwoHowmuchisafutureamountworthtoday?Threepiecesofinformationmustbeknowntosolveapresentvalueproblem:Thefutureamount.Theinterestrate(i).Thenumberofperiods(n)theamountwillbeinvested.TheConceptofPresentValueHowmuchisafutureamountwoTwotypesofcashflowsareinvolvedwithbonds:TodayPrincipalpaymentatmaturity.Periodicinterestpaymentscalledannuities.MaturityTheConceptofPresentValueTwotypesofcashflowsareinThePresentValueConceptandBondPricesThesellingpriceofthebondisdeterminedbythemarketbasedonthetimevalueofmoney.ThePresentValueConceptandThePresentValueConceptandBondPricesThesellingpriceofthebondisdeterminedbythemarketbasedonthetimevalueofmoney.=><><=ThePresentValueConceptandEarlyRetirementofDebtGainsorlossesincurredasaresultofretiringbondsshouldbereportedasextraordinaryitemsontheincomestatement.EarlyRetirementofDebtGainsLeasePaymentObligationsCapitalLeasesLeaseagreementtransfersrisksandbenefitsassociatedwithownershiptolessee.Lesseerecordsaleasedassetandleaseliability.OperatingLeasesLessorretainsrisksandbenefitsassociatedwithownership.Lesseerecordsrentexpenseasincurred.LeasePaymentObligationsCapitCapitalLeaseCriteriaCapitalLeaseCriteriaPensionsEmployersofferpensionplanstoemployees.Retireesreceivepensionpaymentsfromthepensionfund.Theemployermakespaymentstoapensionfund.Usually,thisisanindependententitymanagedbyaprofessionalfundmanager.PensionsEmployersofferpensioPensionsActuariesmakethepensionexpensecomputations,basedon:Avg.age,retirementage,lifeexpectancy.Employeeturnoverrates.Compensationlevels.Expectedrateofreturnforthefund.Theaccountantthenpoststheentrytorecordpensionexpenseandpensionliability.PensionsActuariesmakethepenOtherPostretirementBenefitsManycompaniesofferbenefitstoretireesotherthanpensions,suchashealthcoverageorfitnessclubmemberships.Theunfundedliabilitymustbedisclosedontheemployer抯balancesheet.OtherPostretirementBenefitsMDeferredIncomeTaxesCorporationspayincometaxesquarterly.

DeferredIncomeTaxesCorporaThedifferencebetweentaxexpenseandtaxpayableisrecordedinanaccountcalleddeferredtaxes.TheInternalRevenueCodeisthesetofrulesforpreparingtaxreturns.Financialstatementincometaxexpense.IRSincometaxespayable.GAAPisthesetofrulesforpreparingfinancialstatements.Resultsin...Resultsin...Usually...DeferredIncomeTaxesThedifferencebetweentaxexpExaminetheDecember31,1998informationforX-OffInc.X-Offusesstraight-linedepreciationforfinancialreportingandaccelerateddepreciationforincometaxreporting.X-Off’staxrateis30%.DeferredIncomeTaxes

ExampleExaminetheDecember31,1998Theincometaxamountcomputedbasedonfinancialstatementincomeisincometaxexpensefortheperiod.DeferredIncomeTaxes

ExampleComputeX-Off抯incometaxexpenseandincometaxpayable.TheincometaxamountcomputedComputeX-Off’sincometaxexpenseandincometaxpayable.Incometaxesbasedontaxreturnincomearethetaxespayablefortheperiod.DeferredIncomeTaxes

ExampleComputeX-Off’sincometaxexpThedeferredtaxfortheperiodof$36,000isthedifferencebetweenincometaxexpenseof$45,000andincometaxpayableof$9,000.DeferredIncomeTaxes

ExampleThedeferredtaxfortheperioFinancialLeverageBorrowingatonerateandinvestingatahigherrate.Ifweborrow$1,000,000at8%andinvestitat10%,wewillclear$20,000profit!FinancialLeverageBorrowingEndofChapter10Iwonderwhatthepresentvalueofmylasthairdois?EndofChapter10IwonderwhatChapter10LiabilitiesChapter10LiabilitiesTheNatureofLiabilitiesI.O.U.Definedasdebtsorobligationsarisingfrompasttransactionsorevents.Maturity=1yearorlessMaturity>1yearCurrentLiabilitiesNoncurrentLiabilitiesTheNatureofLiabilitiesI.O.UDistinctionBetweenDebtandEquityTheacquisitionofassetsisfinancedfromtwosources:Fundsfromcreditors,withadefiniteduedate,andsometimesbearinginterest.FundsfromownersDEBTEQUITYDistinctionBetweenDebtandELiabilities

QuestionDevonMfg.borrows$100,000fromFirstBank.Theloanwillberepaidin20yearsandhasanannualinterestrateof8%.

Isthisacurrentliabilityoranoncurrentliability?Liabilities

QuestionDevonMfg.Liabilities

QuestionTheobligationwillnotbepaidwithinoneyearoroneoperatingcycle,soitisanoncurrentliability.DevonMfg.borrows$100,000fromFirstBank.Theloanwillberepaidin20yearsandhasanannualinterestrateof8%.

Isthisacurrentliabilityoranoncurrentliability?Liabilities

QuestionTheobligaEvaluatingLiquidityCurrentRatio=CurrentAssets

?CurrentLiabilitiesWorkingCapital=CurrentAssets

-CurrentLiabilitiesAnimportantindicatorofacompany抯abilitytomeetitscurrentobligations.Twocommonlyusedmeasures:EvaluatingLiquidityCurrentRaLiabilities

QuestionDevonMfg.hascurrentliabilitiesof$230,000andcurrentassetsof$322,000.WhatisDevon’scurrentratio?Liabilities

QuestionDevonMfg.Liabilities

QuestionDevonMfg.hascurrentliabilitiesof$230,000andcurrentassetsof$322,000.WhatisDevon’scurrentratio?Liabilities

QuestionDevonMfg.AccountsPayableShort-termobligationstosuppliersforpurchasesofmerchandiseandtoothersforgoodsandservices.MerchandiseInventoryinvoicesShippingchargesUtilityandphonebillsOfficesuppliesinvoicesAccountsPayableShort-termoblNotesPayableCurrentNotesPayableNoncurrentNotesPayableTotalNotesPayableWhenacompanyborrowsmoney,anotepayableiscreated.CurrentPortionofNotesPayableTheportionofanotepayablethatisduewithinoneyear,oroneoperatingcycle,whicheverislonger.NotesPayableCurrentNotesPayNotesPayablePROMISSORYNOTELocation

Dateafterthisdatepromisestopaytotheorderofthesumofwithinterestattherateofperannum.

signed

titleMiami,FlNov.1,1999SixmonthsPorterCompanyJohnCaldwellSecurityNationalBank$10,000.0012.0%treasurerNotesPayablePROMISSORYNOTEMiNotesPayableOnNovember1,1999,PorterCompanywouldmakethefollowingentry.NotesPayableOnNovember1,19Interestexpenseisthecompensationtothelenderforgivinguptheuseofmoneyforaperiodoftime.Theliabilityiscalledinterestpayable.Tothelender,interestisarevenue.Totheborrower,interestisanexpense.InterestRateUp!InterestPayableInterestexpenseisthecompenTheinterestformulaincludesthreevariablesthatmustbeconsideredwhencomputinginterest:Interest=Principal?InterestRate?TimeWhencomputinginterestforoneyear,time?equals1.Whenthecomputationperiodislessthanoneyear,thentime?isafraction.InterestPayableForexample,ifweneededtocomputeinterestfor3months,time?wouldbe3/12.TheinterestformulaincludesWhatentrywouldPorterCompanymakeonDecember31,thefiscalyear-end?InterestPayable

ExampleWhatentrywouldPorterCompanInterestPayable

ExampleOnDecember31,PorterCompanywouldrecordinterestpayablewiththefollowingentry:$10,00012%2/12=$200InterestPayable

ExampleOnDecPayrollLiabilities

Employersincurseveralexpensesandliabilitiesfromhavingemployees.PayrollLiabilitiesFICATaxesMedicareTaxesFederalIncomeTaxStateandLocalIncomeTaxesVoluntaryDeductionsNetPayGrossPayPayrollLiabilitiesFICATaxesMedicareTaxesFederaDeferredrevenueisrecorded.Deferredrevenueisaliabilityaccount.Cashisreceivedinadvance.Cashissometimescollectedfromthecustomerbeforetherevenueisactuallyearned.UnearnedRevenueDeferredrevenueisrecorded.DEarnedrevenueisrecorded.Astheearningsprocessiscompleted...Deferredrevenueisrecorded.Cashisreceivedinadvance.UnearnedRevenueCashissometimescollectedfromthecustomerbeforetherevenueisactuallyearned.Earnedrevenueisrecorded.AsRelativelysmalldebtneedscanbefilledfromsinglesources.BanksInsuranceCompaniesPensionPlansororLong-TermDebtRelativelysmalldebtneedscaLargedebtneedsareoftenfilledbyissuingbonds.Long-TermDebtLargedebtneedsareoftenfilInstallmentNotesPayableLong-termnotesthatcallforaseriesofinstallmentpayments.EachpaymentcoversinterestfortheperiodANDaportionoftheprincipal.Witheachpayment,theinterestportiongetssmallerandtheprincipalportiongetslarger.InstallmentNotesPayableLong-AllocatingInstallmentPaymentsBetweenInterestandPrincipalIdentifytheunpaidprincipalbalance.UnpaidPrincipal?Interestrate=Interestexpense.Installmentpayment-Interestexpense=Reductioninunpaidprincipalbalance.Computenewunpaidprincipalbalance.AllocatingInstallmentPaymentAllocatingInstallmentPaymentsBetweenInterestandPrincipalOnJanuary1,1999,RocketCorp.borrowed$7,851.57fromFirstBankofRiverCity.Theloanwasafive-yearloanandhadaninterestrateof10%.Theannualpaymentis$2,000.PrepareanamortizationtableforRocketCorp.’sloan.AllocatingInstallmentPaymentAllocatingInstallmentPaymentsBetweenInterestandPrincipalNow,preparetheentryforthefirstpaymentonJanuary1,2000.AllocatingInstallmentPaymentAllocatingInstallmentPaymentsBetweenInterestandPrincipalTheinformationneededforthejournalentrycanbefoundontheamortizationtable.Thepaymentamount,theinterestexpense,andtheamounttocredittoprincipalareallonthetable.AllocatingInstallmentPaymentBondsPayableBondsusuallyinvolvetheborrowingofalargesumofmoney,calledprincipal.Theprincipalisusuallypaidbackasalumpsumattheendofthebondperiod.Individualbondsareoftendenominatedwithaparvalue,orfacevalue,of$1,000.BondsPayableBondsusuallyinvBondsPayableBondsusuallycarryastatedrateofinterest,alsocalledacontractrate.Interestisnormallypaidsemiannually.Interestiscomputedas:Interest=Principal?StatedRate?TimeBondsPayableBondsusuallycarBondsPayableBondsareissuedthroughanintermediarycalledanunderwriter.Bondscanbesoldonorganizedsecuritiesexchanges.Bondpricesareusuallyquotedasapercentageofthefaceamount.Forexample,a$1,000bondpricedat102wouldsellfor$1,020.BondsPayableBondsareissuedTypesofBondsMortgageBondsConvertibleBondsJunkBondsDebentureBondsTypesofBondsMortgageBondsCoAccountingforBondsPayableOnJanuary1,2000,RocketCorp.issues$1,500,000of12%,10-yearbondspayable.Interestispayablesemiannually,eachJuly1andJanuary1.Assumethebondsareissuedatfacevalue.Recordtheissuanceofthebonds.AccountingforBondsPayableOnAccountingforBondsPayableOnJanuary1,2000,RocketCorp.issues$1,500,000of12%,10-yearbondspayable.Interestispayablesemiannually,eachJuly1andJanuary1.Assumethebondsareissuedatfacevalue.Recordtheissuanceofthebonds.AccountingforBondsPayableOnAccountingforBondsPayableRecordtheinterestpaymentonJuly1,2000.AccountingforBondsPayableReAccountingforBondsPayableRecordtheinterestpaymentonJuly1,2000.AccountingforBondsPayableReBondsSoldBetweenInterestDatesBondsareoftensoldbetweeninterestdates.Thesellingpriceofthebondiscomputedas:BondsSoldBetweenInterestDaLet’slookatthepresentvalueconcept!Holdontight!Let’slookatthepresentvaluTheConceptofPresentValue$1,000investedtodayat10%.Moneycangrowovertime,becauseitcanearninterest.TheConceptofPresentValue$1$1,000investedtodayat10%.In5yearsitwillbeworth$1,610.51.In25yearsitwillbeworth$10,834.71!PresentValueFutureValueTheConceptofPresentValue$1,000investedtodayat10%.IHowmuchisafutureamountworthtoday?TodayPresentValueFutureValueInterestcompoundingperiodsTheConceptofPresentValueHowmuchisafutureamountwoHowmuchisafutureamountworthtoday?Threepiecesofinformationmustbeknowntosolveapresentvalueproblem:Thefutureamount.Theinterestrate(i).Thenumberofperiods(n)theamountwillbeinvested.TheConceptofPresentValueHowmuchisafutureamountwoTwotypesofcashflowsareinvolvedwithbonds:TodayPrincipalpaymentatmaturity.Periodicinterestpaymentscalledannuities.MaturityTheConceptofPresentValueTwotypesofcashflowsareinThePresentValueConceptandBondPricesThesellingpriceofthebondisdeterminedbythemarketbasedonthetimevalueofmoney.ThePresentValueConceptandThePresentValueConceptandBondPricesThesellingpriceofthebondisdeterminedbythemarketbasedonthetimevalueofmoney.=><><=ThePresentValueConceptandEarlyRetirementofDebtGainsorlossesincurredasaresultofretiringbondsshouldbereportedasextraordinaryitemsontheincomestatement.EarlyRetirementofDebtGainsLeasePaymentObligationsCapitalLeasesLeaseagreementtransfersrisksandbenefitsassociatedwithownershiptolessee.Lesseerecordsaleasedassetandleaseliability.OperatingLeasesLessorretainsrisksandbenefitsassociatedwithownership.Lesseerecordsrentexpenseasincurred.LeasePaymentObligationsCapitCapitalLeaseCriteriaCapitalLeaseCriteriaP