会计英语：负债

　　1.Liabilities n. 负债
　　Definition: a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.
　　Present obligation 现在的义务
　　Past events 由过去的交易或事项引起的
　　Outflow from the entity of resources embodying economic benefits 经济利益的付出
　　Probable （contingent liabilities或有负债） 可能的
　　Measurable 可以计量的

　　2.Classification: current liabilities and non-current liabilities
　　Current liabilities 流动负债—accounts payable应付账款, current notes payable应付票据, dividends payable应付股利, advance from customers预收账款
　　Non-current 长期负债—long-term loan长期借款, bonds payable 应付债券

　　3.Measurement of liabilities:
　　Current liabilities: at face value 以面值计量
　　Non-Current liabilities: at net present value （NPV） 净现值

　　4.Lecture examples illustration
　　Lecture examples1:
　　On Jan. 5, X company bought office furniture from Y company for $15,000 on credit and agree to pay the amount by the end of June. X company cannot pay its $15,000 account with Y company on time. As an accommodation, on July 1, Y company agree to accept X company’s 3 months note with the face value of $15,000 at the rate of 5%.
　　Please do necessary accounting entries for X company.

　　January 5　Dr：Fixed assets—office furniture 15,000 固定资产
　　　　　　　　　 Cr：Account payable　　　　　　　　15,000 应付账款
　　July 1　　 Dr：Account payable—Y company　　 15,000 应付账款
　　　　　　　　　 Cr：Notes payable　　　　　　　　　15,000 应付票据
　　Interest: $15,000× 5% =$750
　　July 31/August 31/Sept. 30
　　　　　　　 Dr：Interest expense　　750 利息支出
　　　　　　　　　 Cr：Interest payable　750 应付利息
　　October 1　Dr：Notes payable　15,000 应付票据
　　　　　　　 Interest payable　2,250 应付利息
　　　　　　　　　 Cr：Bank deposit　17,250 银行存款
　　Lecture example 2:
　　On March 1, Lucky Travel Agency Company received $5000 advance payment from ABC company for its employee training tour. By the end of March, $3000 has been earned by Lucky Travel Agency Company y by provide tour guide service. Make the journal entry for Lucky Travel Company.
　　March 1.　Dr：Cash　5,000 现金
　　　　　　　　　Cr：Advance from customer　5,000 预付货款
　　March 31　Dr：Advance from customer　3,000 预付货款
　　　　　　　　　Cr：Service revenue　　　　3,000 主营业务收入
　　Lecture example 3:
　　The board of director of Thomason telecom company declared a annual dividend of $1.5 per share on 10,000 shares of common stock on Nov. 20. Cash dividends will be paid on Dec. 20. Make the journal entry for the company.
　　Nov. 20　Dr：Cash dividends　　　　15,000 现金股利
　　　　　　　　 Cr：Dividends payable　　 15,000 应付股利
　　Dec. 20　Dr：Dividends payable　　 15,000 应付股利
　　　　　　　　 Cr：Cash　　　　　　　　　15,000 现金

　　5.Accounting requirements for Debentures 债券的会计处理
　　Bonds/Debentures
　　bond n. 债券　national bond 国家公债
　　debenture n. 债券
　　Face value/par value 面值
　　Face rate/coupon rate 债券利率
　　Market rate 市场利率
　　Issuing of Bond
　　Issued at the face value （par value） 平价发行
　　at a premium above the face value 溢价发行（face rate > market fate）
　　at a discount on the face value 折价发行 （face rate < market fate）
　　Lecture example — Issue of bonds at Par Value 平价发行债券:
　　Lake company issues bonds on Jan 1, 2007, with a face value of $500,000 to be paid in 10 years and a 8% coupon rate of interest payable semiannually. （effective rate 4%, n=20）

　　Dr：Cash　　　　　　　500,000
　　　　Cr：Bonds payable 　　500,000
　　Dr：Interest expense　20,000
　　　　Cr：Cash　　　　　　　20,000 （每次支付利息时做此分录）
　　Dr：Bond　　　500,000
　　　　Cr：Cash　　　500,000 （收回债券，返还票面金额）
　　Lecture example — bond issued at a premium 溢价发行债券：
　　Lake company issues bonds on Jan 1, 2007, with a face value of $500,000 to be paid in 10 years at a 8% coupon rate of interest payable semiannually. The market interest is 6% when the bonds issued. （effective rate 3%, n=20）

　　Present value of principal repayment=277,000
　　Present value of interest payments=294,540
　　Present value of future cash flows=574,540
　　Premium =574,540-500,000=74,540
　　Dr：Cash　　　　　　　　　　574,540
　　　　Cr：Bonds （par value） 　　500,000
　　　　　　Premium on bonds　　　　74,540
　　Dr：Interest expense　　　　17,236
　　　　Premium on bonds　　　　 2,764
　　　　Cr：Cash　　　　　　　　　　20,000
　　Dr：Interest expense　　　　17,153
　　　　Premium on bonds　　　　 2,846
　　　　Cr：Cash　　　　　　　　　　20,000
　　Lecture example 2— bond issued at a discount 折价发行债券
　　Lake company issues bonds on Jan 1, 2007, with a face value of $500,000 to be paid in 10 years and a 8% coupon rate of interest payable semiannually. The market interest is 10% when the bonds issued. （effective rate 5%, n=20）

　　Present value of principal repayment=188,500
　　Present value of interest payments=249,240
　　Present value of future cash flows = 473,740
　　Discount =500,000－473,740=26,260
　　Dr：Cash at bank　　　437,740
　　　　Discount on bonds　26,260
　　　　Cr：Bonds payable　　　500,000
　　Dr：Interest expense　　21,887
　　　　Cr：Discount on bonds　1,887
　　　　　　Cash　　　　　　　20,000
　　Dr：Interest expense　　21,981
　　　　Cr：Discount on bonds　 1,981
　　　　　　Cash　　　　　　　 20,000