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Chapter 11; Current Liabilities and Payroll Notes
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Notes on Current Liabilities and Payroll
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Chapter 11 -Current Liabilities and PayrollCurrent liabilities – obligations to be paid out of current assets, and due within a year
Sales Tax Payable. Hogwart’s Inc. has sales of $50,000 in April. The company has to collect a 6% sales tax which must be submitted to the state. Short-term notes payable – to satisfy a A/P or to acquire another asset
oIssuer (borrower) pays cash plus interest on N/P
oInterest reported in “other expense” on inc. stmt. oOpposite side of N/R Ex. Corp purchases equipment with a 1-yr N/P on March 1, for $16,000, interest rate = 9%. Assume year-end is Dec 31.
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