Define current liabilities. List the current liabilities we cover in this chapter.

What are payroll deductions? Provide some examples.

How is net pay calculated?

Employer payroll taxes include FICA Tax and Federal & State Unemployment Tax. Which expense account is debited for employer payroll taxes? Provide an example journal entry.

Employee payroll taxes include FICA Tax & Income Tax. Which expense account is debited for employee payroll taxes? Provide an example journal entry.

What is the formula to calculate interest on a note payable?

Provide the following journal entries:

Establish note payable

Accrue interest incurred but not paid

Record interest paid

Record principal paid

Explain the current portion of long term debt.

What are contingent liabilities?

What is the debt-to-assets ratio and what does it tell you?

What is the times interest earned ratio and what does it tell you?

What are the three key elements of a bond?

What types of bonds are available?

Explain the difference between face value and issue price.

Explain when each occurs, how interest is recorded, and provide the journal entry for:

Bonds issued at face value

Bonds issued at a premium

Bonds issued at a discount

Bond Amortization using the Effective Interest Method:

Bond Retirement:

Time Value of Money: