UT Knoxville ACCT 200 - Chapter 8
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ACCT 200 Outline of Last Lecture I. Homework 7-2II. Homework 7-3III. Homework 7-4IV. Homework 7-6V. Homework 7-9VI. Homework 7-11VII. Homework 7-12VIII. Homework 7-14Outline of Current Lecture I. Current LiabilitiesII. Contingent LiabilitiesIII. Long Term LiabilitiesIV. Equity FinancingCurrent LectureI. Current Liabilitiesa. Lender—receiving note; creates the note receivableb. Borrower—issuing note; creates note payablec. Market rateannual interest rated. Interest Expense is computed as P x R x Te. On the exam, always use 30 days in a monthf. If there is no reference to the date of a note, assume it is long term NOT currentII. Contingent Liabilitiesa. Amounts that MAY be owed in the future GAAP says that these must be recorded if the amount is estimable and probable to be paidb. An example of contingent liability is a lawsuit (if you get sued and lose your case, you will have to pay a fee, BUT if you win, you owe nothing)These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.III. Long Term Liabilitiesa. Bonds payable—similar to a note but much larger in amount; bonds represent money pulled from multiple people; these must be paid on twice a yearb. The only time a company receives cash is when the stock was initially issued!IV. Equity Financinga. Preferred stockholders get paid firstb. Common stockholders get paid whatever is leftover after preferred stocks have been

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