ACCTG300 Lecture Notes - Lecture 8: Harmonized Sales Tax, Sales Taxes In Canada, Accounts Payable

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Current liabilities expected to be paid: within one year from existing current assets or through the creation of other current liabilities usual accounts: accounts payable accrued liabilities notes payable salaries payable current portion of long-term debt. Income tax other deductions on employees" paycheque employer payroll contributions: Ei - usually 1. 4 times employee"s portion worker"s compensation other. Xed principal payment - the amount of the loan you pay is the same but interest changes. Fixed principal payments loan is repayable in equal periodic amounts plus interest to illustrate, assume that belanger ltd. borrows ,000 for 5-years at 7% interest the terms provide for monthly instalment payments of ,000 (,000 / 60 months) Blended payments loan is repayable in equal periodic amounts including interest to illustrate, assume that instead of xed principal payments, belanger ltd. repays its ,000, 7%, 5-year note payable in equal monthly instalments of ,376.

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