ACCTG 215 Notes 2-23
ACCTG 215 Notes 2-23 ACCTG 215
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This 1 page One Day of Notes was uploaded by Shogo Okuda on Tuesday October 28, 2014. The One Day of Notes belongs to ACCTG 215 at University of Washington taught by Wells in Winter2010. Since its upload, it has received 83 views. For similar materials see Introduction to Accounting and Financial Reporting in Accounting at University of Washington.
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Date Created: 10/28/14
ACCTG 215 Notes 224 Current Liabilities Liabilities 1 Probable future sacri ces of economic bene ts 2 Arising from present obligations to other entities 3 Resulting from past transactions or events Liability present responsibility to sacri ce assets in the future due to a transaction or other even that happened in the past Current liabilities usually due Within one year Notes payable borrows cash from bank Line of credit informal agreement that permits a company to borrow up to a prearranged limit Without having to follow formal loan procedures and prepare paperwork Commercial paper company borrows from another company rather than from a bank FICA taxes Federal Insurance Contribution Act Social Security and Medicare Tax Unemployment taxes employer also must pay in addition to FICA Fringe bene ts additional employee bene ts paid for by the employer Unearned revenue Sales tax payable Current portion of longterm debt We report the currently maturing portion of a longterm debt as a current liability on the balance sheet Loss contingency existing uncertain situation that might result in a loss Gain contingency existing uncertain situation that might result in a gain We do not record gain contingencies of this type until the gain is certain Current ratio Acidtest ratio Quick assets only cash current investments and accounts receivable