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ch13
CHAPTER13
AccountingandReportingofCurrentand
ContingentLiabilities
ASSIGNMENTCLASSIFICATIONTABLE(BYTOPIC)
Topics
Questions
BriefExercises
Exercises
Problems
ConceptsforAnalysis
1.
Conceptofliabilities;definitionandclassificationofcurrentliabilities.
1,2,3,4,5,6,8
1,16
1,2
1
2.
Accountsandnotespayable;dividendspayable.
7,11,29
1,2,3
2,16
1,2
1,2
3.
Short-termobligationsexpectedtoberefinanced.
9,10
4
3,4
3,4
4.
Depositsandadvancepayments.
12
5
2
5.
Compensatedabsences.
13,14,15
8
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
5,6,7
8.
Guarantiesandwarranties.
21,23
13,14
10,11,16
5,6,7,
12,15
7,8
9.
Premiumsandawardsofferedtocustomers.
24,25
15
12,15,16
8,9,12,15
10.
Self-insurance,litigation,claims,andassessments,assetretirementobligations.
26,27,28
12
14
2,10,
11,13
6,7
11.
Presentationandanalysis.
29,30,31
17,18,19
9
3
*12.
Bonuspayments.
9,16
20,21,22
14,15
*ThismaterialiscoveredinanAppendixtothechapter.
ASSIGNMENTCLASSIFICATIONTABLE(BYLEARNINGOBJECTIVE)
LearningObjectives
BriefExercises
Exercises
Problems
1.Describethenature,type,andvaluation
ofcurrentliabilities.
1,2,3,4,
5,6
1,2,7
1,2
2.Explaintheclassificationissuesofshort-termdebtexpectedtoberefinanced.
4
3,4
3.Identifytypesofemployee-relatedliabilities.
7,8,9
5,6,8,9
3,4
4.Identifythecriteriausedtoaccountforanddisclosegainandlosscontingencies.
10,11,12,13,14,15
13
7,10,11,13
5.Explaintheaccountingfordifferenttypes
oflosscontingencies.
10,11,12,13,14,15
10,11,12,13,14,15
2,5,6,7,8,9,10,11,12,13,15
6.Indicatehowtopresentandanalyzeliabilitiesandcontingencies.
16,17,
18,19
9
*7.Computeemployeebonusesunderdifferingarrangements.
16
20,21,22
14,15
ASSIGNMENTCHARACTERISTICSTABLE
Item
Description
LevelofDifficulty
Time
(minutes)
E13-1
Balancesheetclassificationofvariousliabilities.
Simple
10–15
E13-2
Accountsandnotespayable.
Moderate
15–20
E13-3
Refinancingofshort-termdebt.
Simple
15–12
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
20–30
E13-16
Financialstatementimpactofliabilitytransactions.
Moderate
30–35
E13-17
Ratiocomputationsanddiscussion.
Simple
10–15
E13-18
Ratiocomputationsandanalysis.
Simple
20–25
E13-19
Ratiocomputationsandeffectoftransactions.
Moderate
15–25
*E13-20
Bonuscomputation.
Simple
10–15
*E13-21
Bonuscomputationandincomestatementpreparation.
Simple
15–20
*E13-22
Bonuscompensation.
Moderate
15–20
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
Bonuscomputation.
Simple
25–30
*P13-15
Warranty,bonus,andcouponcomputation.
Moderate
20–25
CA13-1
Natureofliabilities.
Moderate
20–25
CA13-2
Currentversusnoncurrentclassification.
Moderate
15–20
CA13-3
Refinancingofshort-termdebt.
Moderate
30–40
CA13-4
Refinancingofshort-termdebt.
Moderate
20–25
CA13-5
Losscontingency.
Simple
15–20
CA13-6
Losscontingencies.
Simple
15–20
CA13-7
Warrantiesandlosscontingencies.
Simple
15–20
CA13-8
Warranties.
Moderate
20–25
ANSWERSTOQUESTIONS
1.Currentliabilitiesareobligationswhoseliquidationisreasonablyexpectedtorequireuseofexistingresourcesproperlyclassifiedascurrentassetsorthecreationofothercurrentliabilities.Long-termdebtconsistsofallliabilitiesnotproperlyclassifiedascurrentliabilities.
2.YoumightexplaintoyourfriendthattheaccountingprofessionatonetimepreparedfinancialstatementssomewhatinaccordancewiththebroadorloosedefinitionofaliabilitysubmittedbytheAICPAin1953:
“Somethingrepresentedbyacreditbalancethatisorwouldbeproperlycarriedforwarduponaclosingofbooksofaccountaccordingtotherulesorprinciplesofaccounting,providedsuchcreditbalanceisnotineffectanegativebalanceapplicabletoanasset.Thusthewordisusedbroadlytocomprisenotonlyitemswhichconstituteliabilitiesinthepropersenseofdebtsorobligations(includingprovisionforthosethatareunascertained),butalsocreditbalancestobeaccountedforwhichdonotinvolvethedebtorandcreditorrelation.”
Sinceyourfriendmaynothavecompletelyunderstoodtheabovedefinition(ifitmaybecalledthat),youmightindicatethatmorerecentdefinitionsofliabilitiescallforthedisbursementofassetsorservicesinthefutureandthatthepresentvalueofallofaperson’sorcompany’sfuturedisbursementsofassetsconstitutesthetotalliabilitiesofthatpersonorcompany.But,accountantsquantifyormeasureonlythoseliabilitiesorfuturedisbursementswhicharereasonablydeterminableatthepresenttime.And,accountantshaveacceptedthecompletedtransactionasprovidingtheobjectivityorbasisnecessaryforfinancialrecognition.Therefore,aliabilitymaybeviewedasanobligationtoconveyassetsorperformservicesatsometimeinthefutureandisbaseduponapastorpresenttransactionorevent.AformaldefinitionofliabilitiespresentedinConceptsStatementNo.6isasfollows:
Probablefuturesacrificesofeconomicbenefitsarisingfrompresentobligationsofaparticularentitytotransferassetsorprovideservicestootherentitiesinthefutureasaresultofpasttransactionsorevents.
3.Asalenderofmoney,thebankerisinterestedinthepriorityhis/herclaimhasonthecompany’sassetsrelativetootherclaims.Closeexaminationoftheliabilitysectionandtherelatedfootnotesdisclosesamounts,maturitydates,collateral,subordinations,andrestrictionsofexistingcon-tractualobligations,allofwhichareimportanttopotentialcreditors.Theassetsandearningpowerarelikewiseimportanttoabankerconsideringaloan.
4.Currentliabilitiesareobligationswhoseliquidationisreasonablyexpectedtorequiretheuseofexistingresourcesproperlyclassifiedascurrentassets,orthecreationofothercurrentliabilities.
Becausecurrentliabilitiesarebydefinitiontiedtocurrentassetsandcurrentassetsbydefinitionaretiedtotheoperatingcycle,liabilitiesarerelatedtotheoperatingcycle.
5.Unearnedrevenueisaliabilitythatarisesfromcurrentsalesbutforwhichsomefutureservicesorproductsareowedtocustomersinthefuture.Atthetimeofasale,customerspaynotonlyforthedeliveredproduct,buttheyalsopayforfutureproductsorservices(e.g.,anotherplanetrip,hotelroom,orsoftwareupgrade).Inthiscase,thecompanyrecognizesrevenuefromthecurrentproductandpartofthesaleproceedsisrecordedasaliability(unearnedrevenue)forthevalueoffutureproductsorservicesthatare“owed”tocustomers.Marketanalystsindicatethatanincreaseintheunearnedrevenueliability,ratherthanraisingaredflag,oftenprovidesapositivesignalaboutsalesandprofitability.Whenthesalesaregrowing,itsunearnedrevenueaccountshouldgrow.Thus,anincreaseinaliabilitymaybegoodnewsaboutcompanyperformance.Incontrast,whenunearnedrevenuesdecline,thecompanyoweslessfutureamountsbutthisalsomeansthatsalesofnewproductsmayhaveslowed.
6.Payablesandreceivablesgenerallyinvolveaninterestelement.Recognitionoftheinterestelement(thecostofmoneyasafactoroftimeandrisk)resultsinvaluingfuturepaymentsattheircurrentvalue.Thepresentvalueofaliabilityrepresentsthedebtexclusiveoftheinterestfactor.
QuestionsChapter13(Continued)
7.Adiscountonnotespayablerepresentsthedifferencebetweenthepresentvalueandthefacevalueofthenote,thefacevaluebeinggreaterinamountthanthediscountedamount.Itshouldbetreatedasanoffset(contra)tothefacevalueofthenoteandamortizedtointerestexpenseoverthelifeofthenote.Thediscountrepresentsinterestexpensechargeabletofutureperiods.
8.Liabilitiesthataredueondemand(callablebythecreditor)shouldbeclassifiedasacurrentliability.Classificationofthedebtascurrentisrequiredbecauseitisareasonableexpectationthatexistingworkingcapitalwillbeusedtosatisfythedebt.Liabilitiesoftenbecomecallablebythecreditorwhen
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