| Current Liabilities
After you have read this chapter you should be able to: |
Conceptual objectives: - Describe current and long-term liabilities and their characteristics.
- Identify and describe known current liabilities.
- Explain how to account for contingent liabilities.
Analytical objectives: - Compute the times interest earned ratio and use it to analyze liabilities.
Procedural objectives: - Prepare entries to account for short-term notes payable.
- Compute and record employee payroll deductions and liabilities.
- Compute and record employer payroll expenses and liabilities.
- Account for estimated liabilities, including warranties and bonuses.
- Appendix 9A—Identify and describe the details of payroll reports, records, and procedures.
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