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1、Chapter 7,Liabilities,Special Terms,(1)liability 负债，责任(2)Obligation 义务，职责(3)Trade accounts payable 应付商业账款(4)Trade notes 商业票据(5)Load notes 贷款票据(6)Contingent liabilities 或有负债(7)Gain contingent 或有利得(8)Loss contingent 或有损失(9)Liquidation 清算(10)Sacrifice 牺牲，亏本出售,Defining Liabilities,The obligation must in
2、volve a future sacrifice of cash,goods,or services会导致未来经济利益流出；It must be an obligation of the enterprise本企业的义务;The transaction or event that giving rise to the enterprises obligation must have occurred现时义务,What is a Liability?,FASB,defines liabilities as:“probable future sacrifices of economic benef
3、its arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.”是指企业过去的交易或者事项形成的、预期会导致经济利益流出企业的现时义务。,Classifying Liabilities,Current Liabilities,Who to pay?,When to pay?,How much to pay?,Cu
4、rrent Liabilities,Payable within one yearCompanys operating cycle,if longer than one yearCurrent liabilities classified in three ways(1)Known amount(2)Estimated amount(3)Contingencies 或有事项,Current Liabilities of Known Amount,Accounts Payable 应付账款Short-Term Notes Payable 短期应付票据Short-Term Notes Issued
5、 at Discount折价发行的短期应付票据Advances from customers 预收账款Current Portion of Long-Term Debt 一年内到期的长期负债Dividend payable 应付利息Third-party collections 受托商品款,Accounts Payable,Accounts payable are amounts owed to suppliers for products or services purchased on credit.Company A purchased an$40,000 supplies from c
6、ompany B on credit.Dr.supplies 40,000 Cr.Accounts Payable 40,000,A 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 Payable,Example P73,Contingent liabilities,Contingent liabilities are obligatio
7、ns that are dependent upon the occurrence of nonoccurrence of one or more future events to confirm either the amount payable,or the payee,or the date payable,or even its existence.That is,determination of one or more of these factors is dependent upon a contingency.EXAMPLE,P74,Interest payable is no
8、n-current liabilities.Notes payable include commercial acceptance draft and bank acceptance draft.When the note is dishonored,the book balance of notes payable should be converted to short-term loans.Advances from customers are also current liabilities until the goods are delivered.,True or false,5.
9、Declaration of dividends increases the retained earnings.6.Payment of dividend eliminates the liability and reduces assets.7.Pension payment and housing reserves are from dividends8.The declared dividends are long-term liabilities of the corporation before distribution.,1.Interest payable is non-cur
10、rent liabilities.(F)non-current current2.Notes payable include commercial acceptance draft and bank acceptance draft.(T)3.When the note is dishonored,the book balance of notes payable should be converted to short-term loans.(T)4.Advances from customers are also current liabilities until the goods ar
11、e delivered.(T),1.Declaration of dividends increases the retained earnings.(F)increases-reduces2.Payment of dividend eliminates the liability and reduces assets.(T)3.Pension payment and housing reserves are from dividends(F)dividends-withholdings of wages4.The declared dividends are long-term liabil
12、ities of the corporation before distribution.(F)long-term-current,Choice,1.According to various contents and methods of settlement,receivables can be divided into()accounts receivables notes receivables advance payment other receivablesadvance from customers,Par value/face value/face amount 面值Maturi
13、ty date 到期日Stated interest rate名义利率 Market rate 市场利率Present value 现值Effective interest 实际利率Discount amortization 折价摊销Carrying amount 账面价值,7.2 Long-term liabilities,Bonds do not affect stockholder control.,Interest on bonds is tax deductible.,Bonds can increase return on equity.,Advantages of Bonds,B
14、onds require payment of both periodic interest and par value at maturity.,Bonds can decrease return on equity when the company pays more in interest than it earns on the borrowed funds.,Disadvantages of Bonds,.an investment firm called an underwriter 承销商.The underwriter sells the bonds to.,A trustee
15、 托管人monitors the bond issue.,A company sells the bonds to.,.investors,Bond Issuing Procedures,Corporation,Investors,Basics of Bonds,Bond Issue Date,Bond Interest Payments,Corporation,Investors,Interest Payment=Bond Par Value Stated Interest Rate,Basics of Bonds,Bond Issue Date,Bond Maturity Date,Cor
16、poration,Investors,Basics of Bonds,Valuation of Bonds Discount and Premium,LO 3 Describe the accounting valuation for bonds at date of issuance.,Between the time the company sets the terms and the time it issues the bonds,the market conditions and the financial position of the issuing corporation ma
17、y change significantly.Such changes affect the marketability of the bonds and thus their selling price.,The investment community values a bond at the present value of its expected future cash flows,which consist of(1)interest and(2)principal.,Interest RatesStated,coupon,or nominal rate=The interest
18、rate written in the terms of the bond indenture.Market rate or effective yield 实际收入=rate that provides an acceptable return on an investment commensurate with the issuers risk characteristics.Rate of interest actually earned by the bondholders.,Valuation of Bonds Discount and Premium,LO 3 Describe t
19、he accounting valuation for bonds at date of issuance.,How do you calculate the amount of interest that is actually paid to the bondholder each period实际支付利息?(Face Value of the bond x Stated rate)票面价值*票面利率How do you calculate the amount of interest that is actually recorded as interest expense by the
20、 issuer of the bonds利息费用?(Market rate x Carrying Value of the bond)市场利率*账面价值,Valuation of Bonds Discount and Premium,LO 3 Describe the accounting valuation for bonds at date of issuance.,Bonds Sold At,Market Interest,6%,8%,10%,Premium,Face Value,Discount,Valuation of Bonds Discount and Premium,LO 3
21、Describe the accounting valuation for bonds at date of issuance.,Assume Stated Rate of 8%,Illustration Three year bonds are issued at face value of$100,000 on Jan.1,2007,with a stated interest rate of 8%.Interest paid annually on Dec.31.Calculate the issue price of the bonds,market interest rate of
22、8%.,LO 3 Describe the accounting valuation for bonds at date of issuance.,Market Rate 8%(PV for 3 periods at 8%),Bonds Issued at Par,Illustration Three year bonds are issued at face value of$100,000 on Jan.1,2007,a stated interest rate of 8%,and market rate of 8%.,Bonds Issued at Par,LO 3 Describe t
23、he accounting valuation for bonds at date of issuance.,Illustration Stated rate=8%.Market rate=8%.,Bonds Issued at Par,LO 3 Describe the accounting valuation for bonds at date of issuance.,Journal entries for 2007:1/1/07Cash 100,000Bonds payable100,00012/31/07Interest expense8,000Cash8,000,Illustrat
24、ion Three year bonds are issued at face value of$100,000 on Jan.1,2007,and a stated interest rate of 8%.Calculate the issue price of the bonds assuming a market interest rate of 10%.,Bonds Issued at a Discount,LO 4 Apply the methods of bond discount and premium amortization.,Market Rate 10%(PV for 3
25、 periods at 10%),Illustration Three year bonds are issued at face value of$100,000 on Jan.1,2007,a stated interest rate of 8%,and market rate of 10%.,*,*rounding,Bonds Issued at a Discount,LO 4 Apply the methods of bond discount and premium amortization.,Illustration Stated rate=8%.Market rate=10%.,
26、Journal entries for 2007:1/1/07Cash 95,027Discount on bonds payable4,973Bonds payable100,00012/31/07Interest expense9,503Discount on bonds payable1,503Cash8,000,Bonds Issued at a Discount,LO 4 Apply the methods of bond discount and premium amortization.,Illustration Three year bonds are issued at fa
27、ce value of$100,000 on Jan.1,2007,and a stated interest rate of 8%.Calculate the issue price of the bonds assuming a market interest rate of 6%.,Market Rate 6%(PV for 3 periods at 6%),Bonds Issued at a Premium,LO 4 Apply the methods of bond discount and premium amortization.,Illustration Three year
28、bonds are issued at face value of$100,000 on Jan.1,2007,a stated interest rate of 8%,and market rate of 6%.,Bonds Issued at a Premium,LO 4 Apply the methods of bond discount and premium amortization.,Illustration Stated rate=8%.Market rate=6%.,Journal entries for 2007:1/1/07Cash 105,346Premium on bo
29、nds payable5,346Bonds payable100,00012/31/07Interest expense6,321Premium on bonds payable1,679Cash8,000,Bonds Issued at a Premium,LO 4 Apply the methods of bond discount and premium amortization.,Buyers will pay the seller the interest accrued from the last interest payment date to the date of issue
30、.On the next semiannual interest payment date,purchasers will receive the full six months interest payment.,Bonds Issued between Interest Dates,LO 4 Apply the methods of bond discount and premium amortization.,Valuation of Bonds Discount and Premium,Discount折价 on bonds payable is a liability valuati
31、on account,that reduces the face amount of the related liability(contra-account).,Classification of Discount and Premium,LO 4 Apply the methods of bond discount and premium amortization.,Valuation of Bonds Discount and Premium,Premium溢价 on bonds payable is a liability valuation account,that adds to the face amount of the related liability(adjunct account).,End of Chapter 7,
