Learning Objectives After studying the material in this chapter you will be able to do the following: LO1 Explain what liabilities are and how they are.

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Learning Objectives After studying the material in this chapter you will be able to do the following: LO1 Explain what liabilities are and how they are valued. LO2 Describe the nature and type of current liabilities and how they are accounted for. LO3 Recognize the characteristics of bonds, mortgages and other forms of long-term debt. Determine the value of bonds and understand how they are accounted for. Calculate mortgage payments and the amount of interest and principal paid each period. LO4 Explain the fundamentals of leasing and how leases are accounted for and reported in the financial statements. Copyright © 2013 McGraw-Hill Ryerson Limited Copyright © 2009 McGraw-Hill Ryerson Limited

What are Liabilities? LO1 Obligations to provide cash, goods or services to parties an entity ‘owes something to’ Require sacrifice of resources to settle Result from past transactions or events Not negotiable E.g., amounts owed to supplier for inventory Copyright © 2013 McGraw-Hill Ryerson Limited Copyright © 2009 McGraw-Hill Ryerson Limited

Valuation of Liabilities LO1 Long-term — satisfied in more than one year Discounted to their present value Current liabilities — satisfied in one year Recorded at face value Copyright © 2013 McGraw-Hill Ryerson Limited Copyright © 2009 McGraw-Hill Ryerson Limited