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ACG 2021 ACG2021 StudyGuide – Chapter 10 – Everest College

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ACG 2021 ACG2021 StudyGuide – Chapter 10 – Everest College

Chapter 10Long-Term Liabilities After studying this chapter, students should be able to:

Identify the components of the Long-Term Liability category of the balance sheet (Module 1LO1).

Define the important characteristics of bonds payable (Module 1LO2).

Determine the issue price of a bond using compound interest techniques (Module 1LO3).

Show that you understand the effect on the balance sheet of the issuance of bonds (Module 1LO4).

Find the amortization of premium or discount using the effective interest method (Module 2LO5).

Find the gain or loss on retirement of bonds (Module 2LO6).

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ACG 2021 ACG2021 StudyGuide – Chapter 10 – Everest College

Chapter 10Long-Term Liabilities After studying this chapter, students should be able to:

Identify the components of the Long-Term Liability category of the balance sheet (Module 1LO1).

Define the important characteristics of bonds payable (Module 1LO2).

Determine the issue price of a bond using compound interest techniques (Module 1LO3).

Show that you understand the effect on the balance sheet of the issuance of bonds (Module 1LO4).

Find the amortization of premium or discount using the effective interest method (Module 2LO5).

Find the gain or loss on retirement of bonds (Module 2LO6).

Determine whether a lease agreement must be reported as a liability on the balance sheet (Module 3LO7). Explain how investors use ratios to evaluate long-term liabilities (Module 4LO8).

Explain the effects that transactions involving long-term liabilities have on the statement of cash flows (Module 4LO9).

Explain deferred taxes and calculate the deferred tax liability (Module 5 LO10) (Appendix)

MODULE 1 LONG-TERM LIABILITIES INCLUDING BONDS PAYABLE Module 1 LO 1

Long-Term Liabilities Including Bonds Payable

Long-term liabilities are obligations that will not be satisfied within one year or the current operating cycle.

All liabilities that are not classified as current liabilities are long-term.

Shown after current liabilities on the balance sheet.

Examples include:

Bonds payable.

Notes payable.

Leases.

Deferred taxes. Module 1 LO 2 Bonds Payable: Characteristics Abond is a security or financial instrument that allows firms to borrow large sums of money and repay the loan over a long period of time.

Bonds are sold, or issued to investors who want a return on their investment.

Borrower (issuing firm) promises to pay interest on specific dates, usually semiannually or annually.

Borrower also promises to repay principal at maturity, or due date, of bond.

Bond certificate sets out terms of obligation and is issued at the time of the purchase.

Usually in denominations of $1,000, called face valueor par value.

Face value is the principal amount of the bond as stated on the bond certificate.

This is also the maturity value, the amount that the firm must pay at the maturity date.

Issued in very large amounts.

Bonds are traded like stocks after they have been issued.

Not always held until maturity by the initial investor.

Trading in the secondary market does not affect the financial statements of the issuing company.

Features of bonds that appear in the bond certificate (Exhibit 10-2).

Collateral represents theassets that back secured bonds in the event the issuer defaults on principal and interest payments.

Collateral represents the assets that back secured bonds in the event the issuer defaults on principal and interest payments.

ACG 2021 ACG2021 StudyGuide – Chapter 10 – Everest College

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