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Intermediate Accounting: Seventeenth Edition
Intermediate Accounting: Seventeenth Edition
Seventeenth Edition
Chapter 13
Current Liabilities and
Contingencies
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Learning Objectives
After studying this chapter, you should be able to:
1. Describe the nature, valuation, and reporting of
current liabilities.
2. Explain the classification issues of short-term debt
expected to be refinanced.
3. Explain the accounting for gain and loss contingencies.
4. Indicate how to present and analyze liabilities and
contingencies.
Cash 100,000
Notes Payable 100,000
Cash 100,000
Discount on Notes Payable 2,000
Notes Payable 102,000
Cash 3,120
Sales Revenue 3,000
Sales Taxes Payable 120
($3,000 × 4% = $120)
Probable Accrue
Reasonably
Footnote
Possible
Remote Ignore
Cash 500,000
Sales Revenue ($5,000 × 100) 500,000