ACC 205 (Principles of Accounting)
Week 4 DQ 1 (Current Liability)
What is a current liability? From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities? Based on your current experience as well as any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability.
Week 4 DQ 2 (Advantages & Disadvantages)
A client comes to you thinking about starting a consulting business. Your client is specifically interested in what type of entity should be created for this new business. Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation. Based on these advantages and disadvantages provide a clear recommendation to your client.
Week 4 Assignments:
ACC 205 Week 4 Exercise Assignment (Liability) Includes: 1-(Payroll accounting) 2-(Current liabilities: entries and disclosure)3-( Notes payable.)4-(Note Payable)
ACC 205 Week 4 Solution (Liability) Includes: 1-(Payroll accounting) 2-(Current liabilities: entries and disclosure)3-( Notes payable.)4-(Notes Payable)
ACC 205 Week 4 Journal (Future Obligations)
Excerpt from file: Week Four Exercise Assignment Liability 1.Payrollaccounting.Assumethatthefollowingtaxratesandpayrollinformationpertainto BrookhavenPublishing: SocialSecuritytaxes:6%onthefirst55,000earned Medicaretaxes:1.5%onthefirst130,000earned Federalincometaxeswithheldfromwages:7,500
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