BUS 020 Lecture Notes - Lecture 5: Retained Earnings, Accounts Payable, Accrued Interest
2 May 2017
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Current liabilities: obligations to be paid or performed during next year, accounts payable; accrued wages payable; unearned revenue; accrued interest payable; short- term note payable. Multi- step income- testable: net service revenue (no cost of goods sold, operating expenses: marketing & administrative, operating income (ebit, non operating: interest expense, gains, losses, earning before taxes (ebt, incone tax expense, net income. April 26, 2017: current asset: accounts receivable; inventories; cash; office supplies, non- current asset: land; furniture and fixtures; buildings. Problem 2-3: assets, current asset, cash, accounts receivable, prepaid rent, office supplies, total current. Inventories: non- current assets, long- term investment, land, automobiles, accumulated depreciation, building, accumulated depreciation, totall pp&e(net pp&e, total assets, liabilities, current liablilities. Interest payable: accounts payable, notes payable, due june 30, 2015, salaries and wages payable. 40,155: long- term liabilities, bonds payable, due december 31, 2018, total liabilities, stockholders" equity, contributed capital, paid in capital in excess of par value, total contributed, retained earnings, total stockholder equity.
