Reporting and Interpreting liabilities Notes.pdf

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Department
Accounting
Course
ACCT 1201
Professor
Ganesh Krishnamoorthy
Semester
Spring

Description
Acquisition of assets financed byDebtfunds from creditorsEquityFunds from ownersPayroll Taxes Gross Pay Less deductionsSocial Security TaxMedicare TaxFederal Income TaxState and Local Income TaxesVoluntary DeductionsContingent Liabilitiespotential liabilities that are created as a result of a past eventThe probabilities of occurrence are defined in the following mannerProbablethe chance that the future event or events will occur is highReasonably possiblethe chance that the future event or events will occur is more than remote but less than likelyRemotethe chance that the future event or events will occur is slight Adjusting Entry for contingent li
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