After you have mastered the material in this chapter you will be able to:
Show how notes payable and related interest expense affect financial statements. |
|
|
|
Show how sales tax liabilities affect financial statements. |
|
|
|
Define contingent liabilities and explain how they are reported in financial statements. |
|
|
|
Explain how warranty obligations affect financial statements. |
|
|
|
Define basic terms and identify common documents associated with payroll accounting. |
|
|
|
Explain how payroll accounting affects financial statements. |
|
|
|
Compute FICA and unemployment payroll taxes. |
|
|
|
Distinguish between current and noncurrent assets and liabilities. |
|
|
|
Prepare a classified balance sheet. |
|
|
|
Use the current ratio to assess the level of liquidity. |
|
|
|
Show how discount notes and related interest charges affect financial statements. (Appendix) |