intermediate accountingfifteenth edition ch13.docx
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intermediateaccountingfifteentheditionch13
CHAPTER13
CurrentLiabilitiesandContingencies
ASSIGNMENTCLASSIFICATIONTABLE(BYTOPIC)
Topics
Questions
BriefExercises
Exercises
Problems
ConceptsforAnalysis
1.
Conceptofliabilities;definitionandclassificationofcurrentliabilities.
1,2,3,
4,6,8
1,16
1,2
1,2
2.
Accountsandnotespayable;dividendspayable.
7,11
1,2,3
2,16
1,2
1,2
3.
Short-termobligationsexpectedtoberefinanced.
9,10
4
3,4
3
4.
Depositsandadvancepayments.
5,12
5
2
5.
Compensatedabsencesandbonuses.
13,14,15
8,9
5,6,16
6.
Collectionsforthirdparties.
16
6,7
7,8,9,16
3,4
7.
Contingentliabilities(General).
17,18,19,20,22
10,11
13,16
10,11,13
4,5,6
8.
Guarantiesandwarranties.
21,23
13,14
10,11,16
5,6,7,
12,14
6,7
9.
Premiumsandawardsofferedtocustomers.
24,25
15
12,15,16
8,9,12,14
10.
Self-insurance,litigation,claims,andassessments,assetretirementobligations.
26,27,28
10,11,12
14
2,10,
11,13
5,6
11.
Presentationandanalysis.
29,30,31
17,18,19
9
3
ASSIGNMENTCLASSIFICATIONTABLE(BYLEARNINGOBJECTIVE)
LearningObjectives
Questions
BriefExercises
Exercises
Problems
ConceptsforAnalysis
1.Describethenature,type,andvaluation
ofcurrentliabilities.
1,2,3,4,7,8
1,2,3,
4,5,6
1,2,7
1,2
CA13-1
2.Explaintheclassificationissuesofshort-termdebtexpectedtoberefinanced.
5,6,9,10,11,12
4
3,4
CA13-2,CA13-3
3.Identifytypesofemployee-relatedliabilities.
13,14
7,8,9
5,6,8,9
3,4
4.Identifythecriteriausedtoaccountforanddisclosegainandlosscontingencies.
15,16
10,11,12,13,14,15
13
7,10,11,13
CA13-4,CA13-5
5.Explaintheaccountingfordifferenttypes
oflosscontingencies.
17,18,19,20,21,22,23,24,25,26,27,28
10,11,12,13,14,15
10,11,12,13,14,15
2,5,6,7,8,9,10,11,12,13,14
CA13-6,CA13-7
6.Indicatehowtopresentandanalyzeliabilitiesandcontingencies.
29,30,31
16,17,
18,19
9
ASSIGNMENTCHARACTERISTICSTABLE
Item
Description
LevelofDifficulty
Time
(minutes)
E13-1
Balancesheetclassificationofvariousliabilities.
Simple
10–15
E13-2
Accountsandnotespayable.
Moderate
15–20
E13-3
Refinancingofshort-termdebt.
Simple
10–12
E13-4
Refinancingofshort-termdebt.
Simple
20–25
E13-5
Compensatedabsences.
Moderate
25–30
E13-6
Compensatedabsences.
Moderate
25–30
E13-7
Adjustingentryforsalestax.
Simple
5–7
E13-8
Payrolltaxentries.
Simple
10–15
E13-9
Payrolltaxentries.
Simple
15–20
E13-10
Warranties.
Simple
10–15
E13-11
Warranties.
Moderate
15–20
E13-12
Premiumentries.
Simple
15–20
E13-13
Contingencies.
Moderate
20–30
E13-14
Assetretirementobligation.
Moderate
25–30
E13-15
Premiums.
Moderate
25–35
E13-16
Financialstatementimpactofliabilitytransactions.
Moderate
30–35
E13-17
Ratiocomputationsanddiscussion.
Simple
15–20
E13-18
Ratiocomputationsandanalysis.
Simple
20–25
E13-19
Ratiocomputationsandeffectoftransactions.
Moderate
15–25
P13-1
Currentliabilityentriesandadjustments.
Simple
25–30
P13-2
Liabilityentriesandadjustments.
Simple
25–35
P13-3
Payrolltaxentries.
Moderate
20–30
P13-4
Payrolltaxentries.
Simple
20–25
P13-5
Warranties,accrual,andcashbasis.
Simple
15–20
P13-6
Extendedwarranties.
Simple
10–20
P13-7
Warranties,accrual,andcashbasis.
Moderate
25–35
P13-8
Premiumentries.
Moderate
15–25
P13-9
Premiumentriesandfinancialstatementpresentation.
Moderate
30–45
P13-10
Losscontingencies:
entriesandessay.
Simple
25–30
P13-11
Losscontingencies:
entriesandessays.
Moderate
35–45
P13-12
Warrantiesandpremiums.
Moderate
20–30
P13-13
Liabilityerrors.
Moderate
25–35
P13-14
Warrantyandcouponcomputation.
Moderate
20–25
CA13-1
Natureofliabilities.
Moderate
20–25
CA13-2
Currentversusnoncurrentclassification.
Moderate
15–20
CA13-3
Refinancingofshort-termdebt.
Moderate
30–40
CA13-4
Losscontingencies.
Simple
15–20
CA13-5
Losscontingency.
Simple
15–20
CA13-6
Warrantiesandlosscontingencies.
Simple
15–20
CA13-7
Warranties.
Moderate
20–25
SOLUTIONSTOCODIFICATIONEXERCISES
CE13-1
MasterGlossary
(a)Anassetretirementisanobligationassociatedwiththeretirementofatangiblelong-livedasset.
(b)Currentliabilitiesisusedprincipallytodesignateobligationswhoseliquidationisreasonablyexpectedtorequiretheuseofexistingresourcesproperlyclassifiableascurrentassets,orthecreationofothercurrentliabilities.Seeparagraphs210-10-45-5through45-12.
(c)Reasonablypossiblemeansthechanceofthefutureeventoreventsoccurringismorethanremotebutlessthanlikely.
(d)Awarrantyisaguaranteeforwhichtheunderlyingisrelatedtotheperformance(regardingfunction,notprice)ofnonfinancialassetsthatareownedbytheguaranteedparty.Theobligationmaybeincurredinconnectionwiththesaleofgoodsorservices;ifso,itmayrequirefurtherperformancebythesellerafterthesalehastakenplace.
CE13-2
AccordingtoFASBASC410-20-50(AssetRetirementandEnvironmentalObligations):
50-1Anentityshalldiscloseallofthefollowinginformationaboutitsassetretirementobligations:
(a)Ageneraldescriptionoftheassetretirementobligationsandtheassociatedlong-livedassets
(b)Thefairvalueofassetsthatarelegallyrestrictedforpurposesofsettlingassetretirementobligations
(c)Areconciliationofthebeginningandendingaggregatecarryingamountofassetretirementobligationsshowingseparatelythechangesattributabletothefollowingcomponents,wheneverthereisasignificantchangeinanyofthesecomponentsduringthereportingperiod:
1.Liabilitiesincurredinthecurrentperiod
2.Liabilitiessettledinthecurrentperiod
3.Accretionexpense
4.Revisionsinestimatedcashflows.
50-2Ifthefairvalueofanassetretirementobligationcannotbereasonablyestimated,thatfactandthereasonsthereforshallbedisclosed.
CE13-3
AccordingtoFASBASC450-10-55(Contingencies—ImplementationGuidanceandIllustrations):
Depreciation
55-2Thefactthatestimatesareusedtoallocatetheknowncostofadepreciableassetovertheperiodofusebyanentitydoesnotmakedepreciationacontingency;theeventualexpirationoftheutilityoftheassetisnotuncertain.Thus,depreciationofassetsisnotacontingency,noraresuchmattersasrecurringrepairs,maintenance,andoverhauls,whichinterrelatewithdepreciation.ThisTopicisnotintendedtoalterdepreciationpracticesasdescribedinSection360-10-35.
EstimatesUsedinAccruals
55-3Amountsowedforservicesreceived,suchasadvertisingandutilities,arenotcontingencieseventhoughtheaccruedamountsmayhavebeenestimated;thereisnothinguncertainaboutthefactthatthoseobligationshavebeenincurred.
ChangesinTaxLaw
55-4Thepossibilityofachangeinthetaxlawinsomefutureyearisnotanuncertainty.
CE13-4
AccordingtoFASBASC710-10-25-1(CompensationRecognition—CompensatedAbsences),anemployermustaccruealiabilityforemployees’compensationforfutureabsencesifallofthefollowingconditionsaremet:
(a)Theemployer’sobligationrelatingtoemployees’rightstoreceivecompensationforfutureabsencesisattributabletoemployees’servicesalreadyrendered.
(b)Theobligationrelatestorightsthatvestoraccumulate.Vestedrightsarethoseforwhichtheemployerhasanobligationtomakepaymentevenifanemployeeterminates;thus,theyarenotcontingentonanemployee’sfutureservice.Accumulatemeansthatearnedbutunusedrightstocompensatedabsencesmaybecarriedforwardtooneormoreperiodssubsequenttothatinwhichtheyareearned,eventhoughtheremaybealimittotheamountthatcanbecarriedforward.
(c)Paymentofthecompensationisprobable.
(d)Theamountcanbereasonablyestimated.
ANSWERSTOQUESTIONS
1.Currentliabilitiesareobligationswhoseliquidationisreasonablyexpectedtorequireuseofexistingresourcesproperlyclassifiedascurrentassets,orthecreationofothercurrentliabilities.Long-termdebtconsistsofallliabilitiesnotproperlyclassifiedascurrentliabilities.
2.YoumightexplaintoyourfriendthattheaccountingprofessionatonetimepreparedfinancialstatementssomewhatinaccordancewiththebroadorloosedefinitionofaliabilitysubmittedbytheAICPAin1953:
“Somethingrepresentedbyacreditbalancethatisorwouldbeproperlycarriedforwarduponaclosingofbooksofaccountaccordingtotherulesorprinciplesofaccounting,providedsuchcreditbalanceisnotineffectanegativebalanceapplicabletoanasset.Thusthewordisusedbroadlytocomprisenotonlyitemswhichconstituteliabilitiesinthepropersenseofdebtsorobligations(includingprovisionforthosethatareunascertained),butalsocreditbalancestobeaccountedforwhichdonotinvolvethedebtorandcreditorrelation.”
Sinceyourfriendmaynothavecompletelyunderstoodtheabovedefinition(ifitmaybecalledthat),youmightindicatethatmorerecentdefinitionsofliabilitiescallforthedisbursementofassetsorservicesinthefutureandthatthepresentvalueofallofaperson’sorcompany’sfuturedisbursementsofassetsconstitutesthetotalliabilitiesofthatpersonorcompany.But,accountantsquantifyormeasureonlythoseliabilitiesorfuturedisbu
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