©CourseCollege.com 1 11 Payables Examples are Accounts and Notes Payable Learning Objectives...

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11 Payables

ProfitDebit Credit or

Loss

Expenses

BALANCE SHEET INCOME STATEMENT

Assets Liabilities Revenue

Equity

Examples are

Accounts and Notes Payable

Learning Objectives1. Describe a Voucher system for

processing payables

2. Compute and record payables arising from payroll

3. Explain the recording and payment of sales and property taxes payable

4. Describe accounting for short term notes payable

5. Analysis: Calculate and explain AP payment period

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Objective 11.1: Describe a Voucher system for processing payables

O11.1

Voucher system = control of payment process

•A process to properly authorize payables

•No checks can be issued without a voucher

•Reduces fraud and theft

•Segregates authorization, recording and custody

Voucher system = control of payment process

•A process to properly authorize payables

•No checks can be issued without a voucher

•Reduces fraud and theft

•Segregates authorization, recording and custody

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Purchase Requisition

Purchase Order

Receiving Report

Footwear manager requests 125 pair Western boots

Purchasing manager approves and sends PO to vendor who

ships product

Milne O. receives product. Receiving report is prepared.

Vendor, Win the West, sends invoice.

Firm completes voucher process, obtains approvals,

attaches process documents, schedules and completes

payment.

Vendor’s Invoice

VoucherVoucher

Milne Outfitters

Documents in a Voucher system

O11.1

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4VOUCHER#: 61236

InvoicePayee: Cust. # L2467Inv. Date 7/14/2007 Inv. Amount 9,850.00Due date 8/14/2007 Inv. Terms 2/10 n30

Account Distribution Debit amount9,850.00

Other Acct #Other Acct #Other Acct #

Credit Accts Payable 9,850.00

Voucher SummaryAmount 9,850.00AdjustmentDiscount 197Net 9,653.00

Payment SummaryDate 7/24/2007Amount 9,653.00Check No. 2467

Approval

Sundance Kid, Auditor

Attachments:

Win The West

Merchandise InventorySupplies

Sundance Kid

Milne OutfittersChisolm, Texas

Purchase requisitionPurchase orderInvoice

Receiving report

VOUCHER#: 61236







Approval


Attachments:

Win The West


Sundance Kid



Receiving report

Sample Voucher

O11.1

The Voucher controls the payment process by requiring specific

procedures and approvals prior to the issuance of all

checks

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5VOUCHER#: 61236







Approval


Attachments:

Win The West


Sundance Kid



Receiving report

VOUCHER#: 61236







Approval


Attachments:

Win The West


Sundance Kid



Receiving report

Sample Voucher

.Invoice items were requested properly.An approved vendor was used.Items were actually received.The invoice prices and terms were as agreed to from the original purchase order.All mathematical extensions are correct

Approval of the voucher

by the auditor implies:

O11.1

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Purchase Requisition

Purchase Order

Receiving Report

Vendor’s Invoice

VoucherVoucher

Milne Outfitters

Win the West

FOOTWEAR

DEPT

PURCHASING

RECEIVING

ACCOUNTING

VENDOR

Flow of Voucher documents

O11.1

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• Copies improve communication and facilitate error detection

• Copies create a trail that is difficult to manipulate

• The accounting department receives a copy of everything to recheck the entire process

• Accounting department records the transaction, therefore final approval of the voucher should be outside of the accounting department

• Copies improve communication and facilitate error detection

• Copies create a trail that is difficult to manipulate

• The accounting department receives a copy of everything to recheck the entire process

• Accounting department records the transaction, therefore final approval of the voucher should be outside of the accounting department

Use of Voucher documents

O11.1

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Every payroll event will involve two categories

of expense, gross earnings and additional

employer payroll expense (taxes &

benefits). The balancing entries for

these expenses will all involve payables.

Objective 11.2: Compute and record payables arising from payroll

O11.2

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Total payroll expenses include

the big wheel, gross earnings plus

the little wheel, additional employer

payroll expenses.

GROSS EARNINGS

EMPLOYER PAYROLL EXPENSE

TOTAL COST OF PAYROLL

Two categories of expense

O11.2

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Loss

Expenses



Equity

Page 7

Date Description PR Debit Credit

15-Jun Wages Expense 575 480.00

Wage Payable 230 366.88

FICA (Social Security) Payable 235 36.72

FIT (Fed Inc. Tax withheld) Payable 238 53.40

Medical Insurance Payable 240 23.00

Payroll tax expense 580 216.04

FICA (Social Security) Payable 235 36.72

Federal Unemp. Tax Payable (FUTA) 245 38.40

State Unemp. Tax Payable (SUTA) 246 25.92

Medical Insurance Payable 240 115.00

GENERAL JOURNAL

Journal entries for payroll“Big Wheel”

area

&

“Little Wheel” area

That would be the amount of your “take home” paycheck.

-Look at the total cost to the employer vs take home: $480 +

$216 = $696 cost and the employee takes home $367!

O11.2

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11Rate Cap

FIT Varies NoneSocial Sec 6.20% 76,200 Employer matchMedicare 1.45% None Employer matchMedical Ins Varies NoneFUTA 0.80% 7,000SUTA 5.40% 7,000

Employee Earnings FITSocial Security Medicare

Medical Insurance

Total Deduct

Wages Payable

Mary ToddYTD 75,700.00 18,168.00 4,693.40 1,097.65 650.00Current 2,450.00 588.00 31.00 35.53 65.00 719.53 1,730.48 Total 78,150.00 18,756.00 4,724.40 1,133.18 715.00Joe LincolnYTD 1,250.00 187.50 77.50 18.13 130.00Current 480.00 72.00 29.76 6.96 65.00 173.72 306.28 Total 1,730.00 259.50 107.26 25.09 195.00

EarningsSocial

Security Medicare FUTA SUTAMedical Insurance

Total payroll tax expense

EmployeeMary ToddYTD 75,700.00 4,693.40 1,097.65 56.00 378.00 4,620.00 10,845.05Current 2,450.00 31.00 35.53 0.00 0.00 231.00 297.53 Total 78,150.00 4,724.40 1,133.18 56.00 378.00 4,851.00 11,142.58Joe LincolnYTD 1,250.00 77.50 18.13 10.00 67.50 410.00 583.13Current 480.00 29.76 6.96 3.84 25.92 205.00 271.48 Total 1,730.00 107.26 25.09 13.84 93.42 615.00 854.61

M. Todd 2,747.53J. Lincoln 751.48

Current Payroll

Current Total = Gross earnings + Payroll tax expense

Gross Earnings

Employer Payroll Expense

FICA

FICA

Rate CapFIT Varies NoneSocial Sec 6.20% 76,200 Employer matchMedicare 1.45% None Employer matchMedical Ins Varies NoneFUTA 0.80% 7,000SUTA 5.40% 7,000

Employee Earnings FITSocial Security Medicare

Medical Insurance

Total Deduct

Wages Payable

Mary ToddYTD 75,700.00 18,168.00 4,693.40 1,097.65 650.00Current 2,450.00 588.00 31.00 35.53 65.00 719.53 1,730.48 Total 78,150.00 18,756.00 4,724.40 1,133.18 715.00Joe LincolnYTD 1,250.00 187.50 77.50 18.13 130.00Current 480.00 72.00 29.76 6.96 65.00 173.72 306.28 Total 1,730.00 259.50 107.26 25.09 195.00

EarningsSocial

Security Medicare FUTA SUTAMedical Insurance

Total payroll tax expense

EmployeeMary ToddYTD 75,700.00 4,693.40 1,097.65 56.00 378.00 4,620.00 10,845.05Current 2,450.00 31.00 35.53 0.00 0.00 231.00 297.53 Total 78,150.00 4,724.40 1,133.18 56.00 378.00 4,851.00 11,142.58Joe LincolnYTD 1,250.00 77.50 18.13 10.00 67.50 410.00 583.13Current 480.00 29.76 6.96 3.84 25.92 205.00 271.48 Total 1,730.00 107.26 25.09 13.84 93.42 615.00 854.61

M. Todd 2,747.53J. Lincoln 751.48

Current Payroll

Current Total = Gross earnings + Payroll tax expense

Gross Earnings

Employer Payroll Expense

FICA

FICA

Payroll calculation example

“Big Wheel” area

&

“Little Wheel” area

O11.2

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Gross Earnings (Big Wheel)•FIT –Federal Income Tax withheld•FICA –Federal Insurance Contributions Act (Social Security) Two components Social Security and Medicare •Medical Insurance –Employee benefit of medical insurance provided by the employer. Premiums often shared between employer and employee•Wages Payable –Gross earnings minus deductions = net paycheck

Employer Payroll Tax Expense (Little Wheel)•FICA –Same as employees. The employer is required to match dollar for dollar •FUTA –Federal Unemployment Insurance paid by the employer to provide employees with jobless benefits •SUTA –State Unemployment Insurance paid by the employer to provide jobless benefits.

Gross Earnings (Big Wheel)•FIT –Federal Income Tax withheld•FICA –Federal Insurance Contributions Act (Social Security) Two components Social Security and Medicare •Medical Insurance –Employee benefit of medical insurance provided by the employer. Premiums often shared between employer and employee•Wages Payable –Gross earnings minus deductions = net paycheck

Employer Payroll Tax Expense (Little Wheel)•FICA –Same as employees. The employer is required to match dollar for dollar •FUTA –Federal Unemployment Insurance paid by the employer to provide employees with jobless benefits •SUTA –State Unemployment Insurance paid by the employer to provide jobless benefits.

O11.2

Definitions-Payroll

Total Cost of Payroll = Gross Earnings + Employer Payroll

Expense

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Caps are maximum earning levels that a particular tax applies to.

For example

The Social Security tax paid by employees was 6.2% (also matched by employer) of earnings up to $76,200. After reaching that total, no additional tax is paid. For Medicare however, there is no cap and the 1.45% Medicare tax (also employer matched) would continue to apply to all earnings regardless of total.When dealing with a cap, you should ask. . .

Caps are maximum earning levels that a particular tax applies to.

For example

The Social Security tax paid by employees was 6.2% (also matched by employer) of earnings up to $76,200. After reaching that total, no additional tax is paid. For Medicare however, there is no cap and the 1.45% Medicare tax (also employer matched) would continue to apply to all earnings regardless of total.When dealing with a cap, you should ask. . .

O11.2

Payroll Caps

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14For this payroll

calculation: Are total YTD earnings

already above the cap?

For this payroll calculation: Are total

YTD earnings already above the cap?

Yes

No

This tax no longer applies

to this employee this

year.

This tax no longer applies

to this employee this

year.

Will this payroll bring total YTD

earning over the cap?

Will this payroll bring total YTD

earning over the cap?

This tax applies to all of the

earnings for this payroll period for

this employee.

This tax applies to all of the

earnings for this payroll period for

this employee.

Subtract the previous YTD earnings from the cap. This remainder is

the portion of the current payroll that the tax applies to.

Subtract the previous YTD earnings from the cap. This remainder is

the portion of the current payroll that the tax applies to.

YesNo

Payroll Caps

O11.2

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O11.3

Objective 11.3: Explain the recording and payment of sales and property

taxes payable

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•Sales taxes are levied against retail sales•The “ultimate consumer”, the retail purchaser pays the tax.Sales taxes are not an expense of the business collecting them •The business is acting as an agent of the taxing authority in the collection and payment of sales tax. The business remains fully liable and must pay amounts based on total sales subject to the tax

•Sales taxes are levied against retail sales•The “ultimate consumer”, the retail purchaser pays the tax.Sales taxes are not an expense of the business collecting them •The business is acting as an agent of the taxing authority in the collection and payment of sales tax. The business remains fully liable and must pay amounts based on total sales subject to the tax

Sales Tax

O11.3

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That’ll be $2.75 for a double tall latte PLUS $.22

for the governor!

OK $2.97 total cash. Just remember the $.22

sales tax isn’t an expense, just a liability

until paid. . .

Sales Tax

O11.3

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Sales TaxSales tax payable is recorded as collected

with sales activitySales tax payable is recorded as collected

with sales activity

Page 9


31-Jan Cash 100 13,500.00

Sales 400 12,500.00

Sales Tax Payable 285 1,000.00

GENERAL JOURNAL

Sales tax is computed and

paid by the retail customer at the time of

the sale.


Loss

Expenses



Equity

Sales of $12,500 x 8% sales tax = $1,000 Sales Tax

Payable

Sales of $12,500 x 8% sales tax = $1,000 Sales Tax

Payable

O11.3

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Debit Credit

2007 Balance Forward 11,764.96

10-Feb J9 11,764.96 0.00

LEDGER

Account Name: SALES TAX PAYABLE Acct #: 285

Date ItemPost Ref. Debit Credit

BALANCE

The firm pays sales tax payable on a schedule required by the

taxing authority

The firm pays sales tax payable on a schedule required by the

taxing authorityProfit

Debit Credit or

Loss

Expenses



Equity

Sales Tax

Debit Credit


31-Jan J9 13,500.00 29,823.00

10-Feb J9 11,764.96 18,058.04

LEDGER

Account Name: CASH Acct #: 100


BALANCE

Page 9


10-Feb Sales Tax Payable 285 11,764.96

Cash 100 11,764.96

GENERAL JOURNAL

Pay the accumulated sales tax payable

O11.3

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•Taxing authorities are usually cities, counties and other local taxing districts•Can apply to both real estate and personal property*•Real estate includes all land and improvements which are permanently attached to the land•Personal property includes all equipment, furniture and non real estate fixtures •Taxes levied are based on assessments (valuations)•Property taxes are an expense of the business operations

* The term personal property does not refer to non business property but to business property that is not real estate

•Taxing authorities are usually cities, counties and other local taxing districts•Can apply to both real estate and personal property*•Real estate includes all land and improvements which are permanently attached to the land•Personal property includes all equipment, furniture and non real estate fixtures •Taxes levied are based on assessments (valuations)•Property taxes are an expense of the business operations

* The term personal property does not refer to non business property but to business property that is not real estate

Property Tax

O11.3

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Page 11


31-Mar Property Tax Expense 590 1,450.00

Property Tax Payable 295 1,450.00

GENERAL JOURNAL


Loss

Expenses



Equity

Property Tax

Following the Matching

concept, each month gets an

accrual adjustment of the estimated property tax

expense.

O11.3

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Property Tax•Property taxes are usually billed annually •The monthly adjustments are based on an estimate of the final tax bill•Depending on timing, firms will often have some level of property tax expense accrued when the tax bill arrives

•Property taxes are usually billed annually •The monthly adjustments are based on an estimate of the final tax bill•Depending on timing, firms will often have some level of property tax expense accrued when the tax bill arrives

In the following example, the firm has been accruing estimated property tax expense of $1,450 per month for 11 months. The final tax bill arrives with a total of $18,200 due. The final property tax expense entry brings the total payable up to the actual amount due.

In the following example, the firm has been accruing estimated property tax expense of $1,450 per month for 11 months. The final tax bill arrives with a total of $18,200 due. The final property tax expense entry brings the total payable up to the actual amount due.

O11.3

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Debit Credit


30-Dec J14 2,250.00 18,200.00

LEDGER

Account Name: PROPERTY TAX EXPENSE Acct #: 590


BALANCE

Debit Credit


30-Dec J14 2,250.00 18,200.00

1/ 5/ 08 J14 18,200.00 0.00

LEDGER

Account Name: PROPERTY TAX PAYABLE Acct #: 295


BALANCE

Debit Credit


1/ 05/ 08 J14 18,200.00 20,475.00

LEDGER



BALANCE

Page 14


30-Dec Property Tax Expense 590 2,250.00

Property Tax Payable 295 2,250.00

5-Jan Property Tax Payable 295 18,200.00

Cash 100 18,200.00

GENERAL JOURNAL $18,200 —$15,950 to date = $2,250.

Example

Pay the accumulated property tax

payable

O11.3

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Loss

Expenses



Equity

11.4

Short term notes are current liabilities, typically due in one year or less

Two types:

•Interest bearing

•Face amount includes interest

Short term notes are current liabilities, typically due in one year or less

Two types:

•Interest bearing

•Face amount includes interest

ST notes can be secured and unsecured

Objective 11.4: Describe accounting for Short Term

Notes Payable

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Examples are: 1. Cash for operations borrowed from a

lender

2. Inventory purchased and directly financed with a note

3. Financing for nonoperating assets purchased such as equipment

4. Conversion of accounts payable to note payable

Examples are: 1. Cash for operations borrowed from a

lender

2. Inventory purchased and directly financed with a note

3. Financing for nonoperating assets purchased such as equipment

4. Conversion of accounts payable to note payable

Short Term Notes Payable

11.4

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For interest bearing notes, calculate interest accrued using the following formula:

For interest bearing notes, calculate interest accrued using the following formula:

With year end Dec 31, 2007, a 90 day note is signed

Dec 1 for $60,000 at 8%:

Interest expense and interest payable at year end:$60,000 x .08 x 30/360 = $400

Interest expense and additional interest payable at maturity:

$60,000 x .08 x 60/360 = $800

With year end Dec 31, 2007, a 90 day note is signed

Dec 1 for $60,000 at 8%:

Interest expense and interest payable at year end:$60,000 x .08 x 30/360 = $400

Interest expense and additional interest payable at maturity:

$60,000 x .08 x 60/360 = $800

Principal

amount

Annual Interest

rate

Time Period

in yearsInterestX X =

Short Term Notes Payable –Interest Bearing

2007

2008

11.4

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Interest bearing note -Example

$60,000Face Value

180 days after date I promise to pay to the order of:

Sixty thousand and no/100 -----------------------------------Dollars

plus annual interest at a rate of 8%

Date

PROMISSORY NOTEApril 1, 2007

Phoung Nguyen

Coast National Bank

$60,000Face Value


Sixty thousand and no/100 -----------------------------------Dollars

plus annual interest at a rate of 8%

Date


Phoung Nguyen

Coast National Bank

11.4

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Page 7


1-Dec Cash 100 60,000.00

Short Term Notes Payable 215 60,000.00

GENERAL JOURNAL

Debit Credit

2007 Balance Forward 0.00

1-Dec J7 60,000.00 60,000.00

LEDGER

Account Name: SHORT TERM NOTES PAYABLE Acct #: 215


BALANCE



Loss

Expenses



Equity

Debit Credit


1-Dec J7 60,000.00 61,600.00

LEDGER



BALANCE

When the note is signed

Adjusting entry at year end

11.4

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Debit Credit


31-Dec J7 400.00 1,660.00

LEDGER

Account Name: INTEREST EXPENSE Acct #: 599


BALANCE

Debit Credit


31-Dec J7 400.00 400.00

LEDGER

Account Name: INTEREST PAYABLE Acct #: 225


BALANCE


Page 7


31-Dec Interest Expense 599 400.00

Interest Payable 225 400.00

GENERAL JOURNAL


Loss

Expenses



Equity

Interest expense for the first 30

days

Journal entry at maturity and payoff

11.4

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Debit Credit


1-Mar J7 800.00 800.00

LEDGER

Account Name:INTEREST EXPENSE Acct #: 599


BALANCE

Debit Credit


1-Mar J7 400.00 0.00

LEDGER

Account Name:INTEREST PAYABLE Acct #: 225


BALANCE

Debit Credit


1-Mar J7 60,000.00 0.00

LEDGER

Account Name:SHORT TERM NOTES PAYABLE Acct #: 215


BALANCE

Debit Credit


1-Mar J7 61,200.00 18,300.00

LEDGER

Account Name:CASH Acct #: 100


BALANCEAt payoff, the

note and interest payable are extinguished

Interest expense

for the last 60 days

Page 7


1-Mar Short Term Notes Payable 215 60,000.00

Interest Payable 225 400.00

Interest Expense 599 800.00

Cash 100 61,200.00

GENERAL JOURNAL Short Term Notes

Payable –Interest Bearing

11.4

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•No stated interest rate

•Face amount of the note includes the interest that will be due at maturity

•Contra liability account used to record the difference

•No stated interest rate

•Face amount of the note includes the interest that will be due at maturity

•Contra liability account used to record the difference

Short Term Notes Payable –Face amount includes interest

11.4

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Discount on Short Term Notes Payable

(10)

Carrying value 100

The net effect or “weight”

on the balance sheet is called the

carrying value


110


11.4

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Discount on Short Term Notes Payable

(10)

Carrying value 100

In this example,

this amount will become the interest

due at maturity


110


11.4

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Face amount includes interest -Example

$1,050Face Value


One thousand fifty and n0/100 -----------------------------------Dollars

Date


Thomas Brown

Coast National Bank

$1,050Face Value


One thousand fifty and n0/100 -----------------------------------Dollars

Date


Thomas Brown

Coast National Bank

11.4

Journal entry at inception

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Debit Credit

2007 Balance Forward

1-Apr J7 50.00 50.00

LEDGER

Account Name: DISCOUNT ON S. T. NOTES PAYABLE Acct #: 235


BALANCE

Debit Credit


1-Apr J7 1,050.00 1,050.00

LEDGER

Account Name: SHORT TERM NOTES PAYABLE Acct #: 225


BALANCE

Debit Credit


1-Apr J7 1,000.00 4,450.00

LEDGER



BALANCE

Carrying value on April 1 is $1,050 —

$50 = $1,000.

Face amount includes interest -Example


Loss

Expenses



Equity

Page 7


1-Apr Cash 100 1,000.00

Discount on Short Term Notes Payable 235 50.00

Short Term Notes Payable 225 1,050.00

GENERAL JOURNAL

11.4

At maturity

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Debit Credit


1-Oct J7 50.00 395.00

LEDGER

Account Name: INTEREST EXPENSE Acct #: 599


BALANCE

Debit Credit


1-Oct J7 50.00 0.00

LEDGER

Account Name: DISCOUNT ON S. T. NOTES PAYABLE Acct #: 235


BALANCE

Debit Credit


1-Oct J7 1,050.00 0.00

LEDGER

Account Name:SHORT TERM NOTES PAYABLE Acct #: 225


BALANCE

Debit Credit


1-Oct J7 1,050.00 7,350.00

LEDGER



BALANCE

Interest expense for the term of the note

Face amount includes interest -ExamplePage 7


1-Oct Short Term Notes Payable 225 1,050.00

Interest Expense 599 50.00

Discount on Short Term Notes Payable 235 50.00

Cash 100 1,050.00

GENERAL JOURNAL

The discount & note payable return to

zero

11.4

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O11.5

Objective 11.5: Calculate & explain the AP payment period

Accounts Payable Payment Period –The % of COGS represented by the Accounts Payable balance (expressed in the # days of the entire year).

The fewer the number of days, the more diligent the firm is in making AP payments.

365 x (AP / Cost of Goods Sold for the year) =

Accounts Payable Payment Period

Accounts Payable Payment Period –The % of COGS represented by the Accounts Payable balance (expressed in the # days of the entire year).

The fewer the number of days, the more diligent the firm is in making AP payments.

365 x (AP / Cost of Goods Sold for the year) =

Accounts Payable Payment Period

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The AP payment period answers the following question:How many days is the firm expected to take to pay the present balance of Accounts Payable?

AP payment period

COGS

APAP

payment period

O11.5

The AP balance is the end of year

total. COGS is for the

year.

X 365

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Harianto ImportsIncome StatementFor the year ending 12/31/07

Assets Liabilities Sales 630,000Cash 56,000 AP 186,000 Less Sales R&A (7,560)AR 122,000 Credit Line 110,000 Net Sales 622,440

Inventory 311,000 Loan Payable 10,400 ExpensesSupplies 12,000 Total Liab. 306,400 COGS 478,800Equipment 45,000 Equity Wages 63,500

Owner, Capital 239,600 Supplies 1,120Total Assets 546,000 Total Liab. + Equity 546,000 Rent 18,500

Utilities 13,400Miscellaneous 1,200

Total Expenses 576,520

142 DAYS

Net Income 45,920(AP/COGS x 365)

Harianto ImportsBalance SheetAs of 12/31/07

AP Payment Period

Example –AP payment period

186,000 / 478,800 x 365 = 142

O11.5

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