Chapter 11 Current Liabilities and Payroll Questions 1. A current liability is one that is payable within the coming year or within the company’s normal operating cycle if longer than a year. All other liabilities are long-term. A contingent liability is a potential liability that depends on a future event arising out of past events. The future event will determine the amount and existence of the liability. A contingent liability may or may not become an actual obligation. 2. The company reports
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13 Current Liabilities and Contingencies ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics 1. Concept of liabilities; definition and classification of current liabilities. 2. Accounts and notes payable; dividends payable. 3. Short-term obligations expected to be refinanced. 4. Deposits and advance payments. 5. Compensated absences. 6. Collections for third parties. 7. Contingent liabilities (General). 8. Guaranties and warranties. 9. Premiums and awards offered to customers. Questions 1‚ 2‚ 3‚
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Science notes Question: What happened in the 5 mass extinctions and how did the extinctions happen? Ordovician-Silurian mass extinction Third largest mass extinction Most life was in the sea 86% of sea life went extinct Trilobites died Brachiopods died Graptolites died An ice age was blamed for this mass extinction They think climate change was the cause for this Fall in sea level Messed up the chemistry of the oceans 443 Mya End of Ordovician period Start of Silurian period Late Devonian mass extinction
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THE LIMITED LIABILITY COMPANY A popular form of business‚ especially with small businesses‚ is the hybrid form of business‚ the limited liability company (LLC) or a limited liability partnership (LLP)‚ which combine the best features of a partnership and a corporation. In 1988‚ the Internal Revenue Service (IRS) ruled that the LLC may be treated as a partnership for tax purposes‚ while retaining its limited liability for its owners. Since this ruling‚ every state has passed legislation permitting
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Brief Overview of Limited Liability Companies Introduction Limited Liability Company (LLC) is often considered as the hybrids of general partnership and corporation. It often referred as a general partnership where the partners have no personal liability and a limited partnership where there is no general partner or a partnership surrounded by a corporate shell (Seipel‚ Tunnell & Zimmermann‚ 1995). The LLC is first adopted in Wyoming in 1977 and then in Florida in 1982. However‚ LLCs
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Financial Reporting (Problem Part 2) Mark R. Mitchell XACC/290 August 31‚ 2014 Jeanette Butler Financial Reporting (Problem Part 2) While doing my analysis of the financial statement for the company Veritiv‚ I find that the company assets are listed in the proper order; that being the most readily converted to cash first. The order for Veritiv balance sheet is cash and equivalents‚ followed by receivables‚ then inventories‚ and other current assets. The next item listed is other current
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? Limited liability company The idea began to resonate in my mind about a year ago that I should have a career that I would love and really enjoy going to work for. Soon after I came to that conclusion it dawned on me that that job for me would be to own my own coffee shop. Choosing what the business does is only a drop in the bucket when it comes the steps of creating that business. First I need to decide whether I should go into this business venture with someone else‚ otherwise known as
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defined as: Current Operating Assets (Accounts Receivable + Inventory) Minus: Current Operating Liabilities (Accounts Payable) Equals: Net Working Capital. Accounts Payable consist primarily of amounts owed to operating creditors‚ i.e.‚ suppliers of inventory; amounts owed to service providers; and amounts owed to employees (payroll). Operating creditors expect to be paid on a timely basis. If they are not‚ they may withhold further shipments or services. During periods that precede
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The first criteria considered within our investment analysis are Loblaw’s ability to pay current liabilities. Loblaw’s current ratio is stable with slight improvement over the last four years and has an overall improvement in the Acid test ratio over the four years. Also‚ in comparison to industry averages Loblaw continue to outperform them‚ especially in Acid test ration‚ where they have improved vastly by 54.2% in the last two years{see appendix X}. Appendix X Acid Test Ratio Loblaw
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The Financial Reporting Project ACCT 1201: Financial Accounting and Reporting Kevin Kang Chris Laughlin Anthony Mele Ricardo Ortiz Progress Report 1 Walgreens Co. Annual Report: 2012 Company Background A. The ticker for Walgreens Co. is WAG. Walgreens trades its stock in the New York Stock Exchange (NYSE). B. The auditor’s report included with the annual report is a statement from an external entity‚ explaining that after careful review of the balance sheets
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