February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
Source: Used with permission. Microsoft 2005 Annual Report.
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Accounts Payable
Accounts payable is a current liability representing amounts owed by the company to suppliers for prior purchases or services.
Suppose you purchased $7 of your lemons from a fruit supplier on credit, promising to pay him back in a month. Here is the impact on the financial statements:
| Debit | Credit | |
|---|---|---|
| Inventories (A) | $7 | |
| Accounts payable (L) | $7 |
Other Typical Current Liabilities
Accrued compensation is wages owed to employees (Exhibit 6.13). Income taxes are taxes owed to the IRS. Unearned revenues are revenues received for services not yet provided by the company. Examples include revenue from magazine subscriptions, gift certificates, airline tickets, hotel rental, other current liabilities, which is a catch-all category that may include:
Dividends payable
Warranty costs
Litigation costs
Exhibit 6.13. Other Current Liabilities Include a Number of Obligations Due Within One Year
Source: Used with permission. Microsoft 2005 Annual Report.
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