Objetivo de Estudio 1................................ 1 Explicar las deudas corrientes e identificar los tipos mayores de deudas corrientes.

Presentación del tema: "Objetivo de Estudio 1................................ 1 Explicar las deudas corrientes e identificar los tipos mayores de deudas corrientes."— Transcripción de la presentación:

1 Objetivo de Estudio 1................................ 1 Explicar las deudas corrientes e identificar los tipos mayores de deudas corrientes.

2 Una Deuda Corriente es una deuda con dos caracteristicas principales: 1) Puede ser razonablemente pagada de activos corrientes existentes o atraves de la creacion de otras deudas corrientes 2) Va a ser pagada dentro de un año o el ciclo de operacion, el que sea mas largo. Deudas corrientes: 1) Notas por Pagar (Notes Payable) 2) Cuentas por Pagar (Accounts Payable) 3) Ingresos recibidos pero no ganados (Unearned Revenues) 4) Deudas Acumuladas (Accrued Liabilities) Contabilidad para deudas corrientes

3 Objetivo de Estudio 2................................ 2 Descripcion de la contabilidad para Notas por Pagar.

4 Notas por Pagar son obligaciones en forma de promesas escritas que usualmente requiere el pago de intereses por cuenta del deudor.est. Notas por pagar puden ser usadas en vez de las cuentas por pagar porque otorga una prueba formal de obligacion en caso de que se necesite el uso de medios legales para el cobro de la misma. Notas que se vencen dentro de un año se clasifican en el balance sheet como deudas corrientes Notas por Pagar NOTES PAYABLE Notas por Pagar NOTES PAYABLE

5 Cuando una nota que genera intereses se emite, los activos recibidos generalmente son iguales al “face value” de la nota. Asume que el First National Bank le presta $100,000 en Marzo 1, 2002, si Cole Williams Co. firma una nota $100,000, 12%, 4-month. Se debita Cash y se acredita Notes Payable. NOTAS POR PAGAR March 1 Cash 100,000 Notes Payable 100,000

6 Illustration 11-1 Formula para el computo del interes $100,000 x 12% x 4/12 = $4,000 Face Value of Note Annual Interest Rate Time in Terms of One Year Interest La formula para el computo del interes y su aplicacion es:

7 Notas por pagar Intereses se acumulan por la vida de la nota y tienen que ser registrados periodicamente. Si Cole Williams Co. prepara estados financieros semianualmente, una entrada de ajuste se requiere para reconocer el gasto de interes y la deuda del interes por $4,000 a Junio 30. June 30 Interest Expense 4,000 Interest Payable 4,000

8 A la fecha de vencimiento, se debita Notes Payable por el “face value” de la nota, Interest Payable es debitado por la cantidad de los intereses acumulados, y se acredita Cash por el maturity value of the note. July 1 Notes Payable 100,000 Interest Payable 4,000 Cash 104,000 Notas por pagar

9 OBJETIVO DE ESTUDIO 3................................ 3Explicacion de la contabilidad para otros activos corrientes

10 SALES TAXES PAYABLE Sales tax se expresa como un porciento del precio de ventas en bienes vendidos a los consumidores por un vendedor. El vendedor cobra el impuesto de los clientes cuando la venta ocurre. El vendedor periodicamente (usualmente mensual) envia esa remesa al departamento de Hacienda. El vendedor sirve solo como agente cobrador de las autoridades.

11 Las lecturas de las Cajas Registradoras son usadas para acreditar Sales and Sales Taxes Payable. Si en Marzo 25 la caja registradora de Cooley Grocery demuestra unas ventas de $10,000 y sales taxes de $600 (sales tax rate is 6%), la entrada es un debito a Cash por el total, y un credito a Sales por la venta actual y Sales Taxes Payable por la cantidad del sales tax. SALES TAXES PAYABLE Mar. 25 Cash10,600 Sales 10,000 Sales Tax Payable 600

12 Cuando el sales tax no se separa de los detalles de la caja registradoras estos se deben extraer del total de ventas. Para determinar la cantidad en estos casos divida el total de recibo por un 100% mas el porciento de sales tax y la diferencia es el Sales Tax. If Cooley Grocery engloba todas sus recibos los cuales son $10,600, y el porciento de sales tax es un 6%, el computo seria el siguiente: $10,600 ÷ 1.06 = $10,000 SALES TAXES PAYABLE

13 Unearned Revenues (advances from customers) ocurre cuando la compania recibe efectivo antes de que se preste el servicio. Ejemplos son los pasajes vendidos por las aerolineas o cuando un abogado recibe el pago de servicios antes de que el trabajo se realice. UNEARNED REVENUES

14 Si Superior University vende 10,000 boletos para los juegos de football a $50 cada uno por sus 5 juegos, la entrada por la venta de boletos seria un Debito a Cash por la cantidad recibida, y un credito a Unearned Football Ticket Revenue, una deuda corriente. UNEARNED REVENUES Aug. 6 Cash 500,000 Unearned Football Ticket Revenue 500,000

15 Una vez se completan los juegos la cuenta de Unearned Football Ticket Revenue se debita por 1/5 del unearned revenue, y el ingreso ganado, Football Ticket Revenue, es acreditado. UNEARNED REVENUES Sept. 7 Unearned Football Ticket Revenue 100,000 Football Ticket Revenue 100,000

16 CURRENT MATURITIES OF LONG-TERM DEBT Otro item clasificado como deuda corriente son las current maturities of long-term debt. Current maturities of long-term debt se conocen tambien como long-term debt due within one year.

17 4 Explicacion de la presentacion de estados financieros y analisis. Objetivo de Estudio 4................................

18 PRESENTACION DE ESTADOS FINANCIEROS Deudas Corrientes rson la primera categoria bajo deudas en el balance sheet. Cada cuenta principal de deudas corrientes es listado separadamente.. Deudas corrientes se presentas en orden de vencimiento. La razon es la variedad de fechas de vencimiento que puede existir en obligaciones especificas como las notas a pagar. Un metodo comun de presentar deudas corrientes es enlistarlas por orden de magnitud, con las de mayor cantidad primero. Aunque muchas companias por costumbre presentan Notes Payable y Accounts Payable primero sin importar la cantidad. La informacion siguiente se presenta del balance sheet of Lands’ End, Inc., e ilustra el orden de la presentacion.

19 ILLUSTRATION 11-3 BALANCE SHEET PRESENTATION OF CURRENT LIABILITIES

20 Illustration 11-4 Working Capital formula and computation $ 289.40 - $ 150.90 = $ 138.50 El exceso de activos corrientes sobre deudas corrientes se conoce como el working capital. La formula para el computo del working capital es la siguiente. Current Assets Current Liabilities Working Capital - =

21 Illustration 11-5 Current ratio and computation $289.40 / $150.90 = 1.9:1 Current Assets Current Liabilities Current Ratio / = The current ratio nos permite el comparar la liquidez de diferentes tamanos de compania y el de una compania en especifico a tiempos diferentes.

22 STUDY OBJECTIVE 5................................ 5 Describe the accounting and disclosure requirements for contingent liabilities.

23 Deudas Contingentes A deuda contingente is una deuda potencial que puede ser una deuda actual en el futuro. Las guias para determinar la deuda son: 1 Si la contingencia es probable y la cantidad puede ser razonablemente determinada, la deuda debe registrarse en las cuentas. 2 Si la contingencia es solo razonablemente posible, solo se necesita una nota en los estados financieros. 3 Si la contingencia es remota, no necesita ser registrada o divulgada.

24 Garantias de los productos Garantias de los productos ason ejemplos de una deuda contingente que debe ser registrada en los libros. El costo estimado ode honrar la garantia del producto debe reconocerse como gasto en el periodo que la venta ser realice. Warranty Expense se reporta bajo los gastos de ventas en el income statement, and estimating warranty liability se clasifica como una deuda corriente en el balance sheet.

25 ILLUSTRATION 11-6 COMPUTATION OF ESTIMATED PRODUCT WARRANTY LIABILITY Para el 2002 Denson Manufacturing Company Vende 10,000 lavadoras y secadoras a un precio promedio de $600 cada una. El precio de venta incluye un año de garantia en piezas. Se espera que 500 unidades (5%) seran defectuosas y que los costos de reparacion van a promediar $80 por unidad. El computo para los costos estimados del producto para el 2002 son los siguientes:

26 ENTRIES TO RECORD WARRANTY COSTS Denson Manufacturing Company makes the adjusting entry above to accrue the estimated warranty costs on 2002 sales. Warranty Expense is debited while Estimated Warranty Liability is credited for $40,000 at December 31. Dec 31. Warranty Expense 40,000 Estimated Warranty Expense 40,000

27 ENTRIES TO RECORD WARRANTY COSTS Denson Manufacturing Company makes the $24,000 (300 X $80) summary entry above to record repair costs incurred in 2002 to honor warranty contracts on 2002 sales. Estimated Warranty Liability is debited while Repair Parts and Wages Payable are credited by December 31. Jan. 1- Estimated Warranty Liability 24,000 Dec. 31 Repair Parts 24,000

28 ENTRIES TO RECORD WARRANTY COSTS Denson Manufacturing Company replaced defective units in January 2003 for $1,600 (20 X $80) and made the summary entry above. Estimated Warranty Liability is debited while Repair Parts and Wages Payable are credited. Jan. 31 Estimated Warranty Liability 1,600 Repair Parts 1,600

29 STUDY OBJECTIVE 6................................ 6 Discuss the objectives of internal control for payroll.

30 El termino nomina se refiere a ambos al salario y al jornal. Gerenciales, administradores y personal de ventas usualmente se les paga salarios. Salarios muchas veces se expresan en cantidades especificas por mes o años Los dependientes de la tienda, empleados de produccion, obreros manuales usualmente se les paga por jornal, el cual esta basado en una tasa por horas Pagos hechos a individuos profesionales que son contratistas independientes son llamados tarifas (fees). Regulaciones Gubernamentales ralacionadas al pago y el reporte de los impuestos de nominas aplican solo a los empleados. PAYROLL ACCOUNTING

31 INTERNAL CONTROLS FOR PAYROLL Los objetivos de los controles internos de contabilidad correspondientes a la nomina son: 1 Salvaguardar los activos de la compania de pagos de nomina no autorizados 2 El asegurarce la verazidad y la confiabilidad de los records de contabilidad pertenecientes a la nomina. Actividades de nomina tienen 4 funciones: 1 contratacion de empleados, 2 registro de tiempo (timekeeping), 3 preparacion de nomina, 4 pago de nomina. Estas funciones deben ser asignados a diferentes departamentos o individuos. 4 Functions of Payroll

32 HIRING EMPLOYEES The human resources department is responsible for ensuring the accuracy of the personnel authorization form. The human resources department is also responsible for authorizing changes in employment status: 1 changes in pay rates 2 termination of employment.

33 TIMEKEEPING Hourly employees are usually required to record time worked by “punching” a time clock. Times of arrival and departure are automatically recorded by the employee by inserting a time card into the clock. In large companies time clock procedures are often monitored by a supervisor or security guard to make sure an employee punches only one card. The employee’s supervisor: 1 approves the hours shown by signing the time card at the end of the pay period and 2 authorizes any overtime hours for an employee.

34 PREPARING THE PAYROLL The payroll is prepared in the payroll department on the basis of two inputs: 1 human resources department authorizations 2 approved time cards.

35 STUDY OBJECTIVE 7................................ 7 Compute and record the payroll for a pay period.

36 DETERMINING AND PAYING THE PAYROLL Determining the payroll involves computing three amounts: 1 gross earnings, 2 payroll deductions, and 3 net pay. The payroll is paid by the treasurer’s department. 1 Payment by check minimizes the risk of loss from theft and 2 the endorsed check provides proof of payment.

37 Gross earnings is the total compensation earned by an employee. It consists of wages or salaries, plus any bonuses and commissions. Total wages are determined by multiplying the hours worked by the hourly rate of pay. Most companies are required to pay a minimum of 1 1/2 the regular hourly rate for overtime work. ILLUSTRATION 11-10 COMPUTATION OF TOTAL WAGES

38 PAYROLL DEDUCTIONS The difference between gross pay and the amount actually received is attributable to payroll deductions. Mandatory deductions consist of FICA taxes and income taxes. The employer is merely a collection agent and subsequently transfers the amounts deducted to the government and designated recipients.

39 ILLUSTRATION 11-11 PAYROLL DEDUCTIONS Gross Pay FICA Taxes Federal Income Tax State & City Income Taxes Charity Insurance and Pensions, Net Pay

40 FICA TAXES FICA taxes (or social security taxes) are designed to provide workers with supplemental retirement, employment disability, and medical benefits. The benefits are financed by a tax levied on employees’ earnings. The tax rate and tax base for FICA taxes are set by Congress.

41 Income Taxes are required to be withheld from employees each pay period and the amount is determined by 3 variables: 1 the employee’s gross earnings; 2 the number of allowances claimed by the employee; and 3 the length of the pay period. To indicate to the Internal Revenue Service the number of allowances claimed, the employee must complete an Employee’s Withholding Certificate (Form W-4). INCOME TAXES

42 VOLUNTARY DEDUCTIONS Voluntary Deductions pertain to withholdings for charitable, retirement, and other purposes. All voluntary deductions from gross earnings should be authorized in writing by the employee. For purposes of illustration, the employee has the following voluntary deductions – including $10 for United Fund and $5 for union dues:

43 Net Pay (or take-home pay) is determined by subtracting payroll deductions from gross earnings. Assuming an employee’s wages are $552 each week, the employee will earn $28,704 for the year (52 weeks X $552). Thus, all earnings are subject to FICA taxes. ILLUSTRATION 11-14 COMPUTATION OF NET PAY

44 The employee earnings record provides a cumulative record of each employee’s gross earnings, deductions, and net pay during the year. This record is used by the employer to: 1 determine when an employee has earned the maximum earnings subject to FICA taxes, 2 file state and federal payroll tax returns, and 3 provide each employee with a statement of gross earnings and tax withholdings for the year. Many companies use a payroll register to accumulate the gross earnings, deductions, and net pay by employee for each period. RECORDING THE PAYROLL

45 RECOGNIZING PAYROLL EXPENSES AND LIABILITIES Academy Company records its payroll for the week ending January 14, 2002 with the journal entry above. Office Salaries Expense ($5,200) and Wages Payable ($12,010) are debited in total for $17,210 in gross earnings. Specific liability accounts are credited for the deductions made during the pay period. Salaries and Wages Payable is credited for $11,462.50 in net earnings. Jan 14 Office Salaries Expense 5,200.00 Wages Expense 12,010.00 FICA 1,376.80 Federal Income Taxes Pay. 3,490.00 State Income Taxes Pay. 344.20 United Fund Pay. 421.50 Union Dues Pay. 115.00 Salaries and Wages Pay. 11,462.50

46 The entry to record payment of the Academy Company payroll is a debit to Salaries and Wages Payable and a credit to Cash. When currency is used in payment, one check is prepared for the amount of net earnings ($11,462.50). RECORDING PAYMENT OF THE PAYROLL Jan. 14 Salaries and Wages Pay. 11,462.50 Cash 11,462.50

47 STUDY OBJECTIVE 8................................ 8 Describe and record employer payroll taxes.

48 Payroll Tax Expense for businesses results from three taxes levied on employers by governmental agencies. 1 The employer must match each employee’s FICA contribution – resulting in payroll tax expense to the employer. 2 Federal unemployment taxes (FUTA) provide benefits for a limited time period to employees who lose their jobs through no fault of their own. FUTA is a tax borne entirely by the employer. 3 State unemployment taxes (SUTA) also provide benefits to employees who lose their jobs. EMPLOYER PAYROLL TAXES

49 RECORDING EMPLOYER PAYROLL TAXES The entry to record the payroll tax expense associated with the Academy Company payroll results in a debit to Payroll Tax Expense for $2,443.82, a credit to FICA Taxes Payable for $1,376.80 ($17,210 X 8%), a credit to FUTA Payable for $137.68 ($17,210 X 0.8%), and a credit to SUTA Payable for $929.34 ($17,210 X 5.4%). Jan 14. Payroll Tax Expense 2,443.82 FICA Taxes Pay. 1,376.80 Federal Unemployment Taxes Pay. 137.68 State Unemployment Taxes Pay. 929.34

50 FILING AND REMITTING PAYROLL TAXES Preparation of payroll tax returns is the responsibility of the payroll department. Payment of the taxes is made by the treasurer’s department. FICA taxes and Federal income taxes (FIT) withheld are combined for reporting and remitting purposes. The taxes are reported quarterly – no later than one month after the close of each quarter. FUTA taxes are generally filed and remitted annually on or prior to January 31 of the subsequent year. SUTA taxes must be filed and paid by the end of the month following each quarter. The employer is required to provide each employee with a Wage and Tax Statement (Form W-2) by January 31 following the end of the calendar year.

51 STUDY OBJECTIVE 9................................ 9 Identify additional fringe benefits associated with employee compensation.

52 ADDITIONAL FRINGE BENEFITS PAID ABSENCES Employees often are given rights to receive compensation for absences when certain conditions of employment are met. Such compensation may relate to 1) paid vacations, 2) sick pay benefits, and 3 ) paid holidays. A liability should be accrued for paid future absences if 1) its payment is probable and 2) the amount can be reasonably estimated. Academy Company employees are entitled to one day’s vacation for each month worked. If 30 employees earn an average of $110 per day in a given month, the accrual for vacation benefits for January is $3,300 ($110 X 30). The liability is recognized at January 31 by the following adjusting entry: Jan. 31 Vacation Benefits Exp. 3,300 Vacation Benefits Pay. 3,300

53 ADDITIONAL FRINGE BENEFITS PAID ABSENCES When vacation benefits are paid, Vacation Benefits Payable is debited and Cash is credited. If Academy Company pays such benefits for 10 employees in July, the journal entry to record the payment is for $1,100 ($110 X 10). July 31 Vacation Benefits Pay. 1,100 Cash 1,100

54 POSTRETIREMENT BENEFITS Postretirement benefits are benefits provided by employers to retired employees for: 1 health care and life insurance 2 pensions Both types of postretirement benefits are accounted for on the accrual basis.

55 PENSION PLANS A pension plan is an agreement whereby an employer provides benefits to employees after they retire. Three parties are generally involved in a pension plan. 1) The employer sponsors the pension plan. 2) The plan administrator receives the contributions from the employer, invests the pension assets, and makes the benefit payments. 3) The retired employees receive the pension payments.

56 ILLUSTRATION 11-20 PARTIES IN A PENSION PLAN Employer Plan Administrator Pension Recipients Contributions Benefits

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58 CHAPTER 11 CURRENT LIABILITIES AND PAYROLL ACCOUNTING