{"id":4001,"date":"2020-10-24T14:57:04","date_gmt":"2020-10-24T14:57:04","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-financialaccounting\/?post_type=chapter&#038;p=4001"},"modified":"2020-12-03T20:14:45","modified_gmt":"2020-12-03T20:14:45","slug":"financial-statement-presentation-2","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/chapter\/financial-statement-presentation-2\/","title":{"raw":"Financial Statement Presentation","rendered":"Financial Statement Presentation"},"content":{"raw":"<div class=\"textbox learning-objectives\">\r\n<h3>Learning Outcomes<\/h3>\r\n<ul>\r\n \t<li style=\"font-weight: 400;\">Reporting current liabilities on the financial statements<\/li>\r\n<\/ul>\r\n<\/div>\r\nAs you can see from The Home Depot, Inc. partial balance sheet, current liabilities are presented in some detail. Income taxes payable are presented as a separate line item even though the amount is much smaller than the others, rather than being included in \u201cOther accrued expenses\u201d because it is of interest to investors.\r\n\r\n[caption id=\"attachment_6179\" align=\"aligncenter\" width=\"1024\"]<img class=\"wp-image-6179 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/17221001\/Screen-Shot-2020-11-17-at-2.09.48-PM-1024x462.png\" alt=\"See caption for link to long description.\" width=\"1024\" height=\"462\" \/> See the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Financial+Accounting\/Long+Descriptions\/The+Home+Depot+CBS+-+Liabilities.txt\" target=\"_blank\" rel=\"noopener\">balance sheet long description<\/a> here.[\/caption]\r\n\r\nOn this balance sheet, short term debt is listed before accounts payable which indicates it may be rolled over even more rapidly than the regular trade payables, which are probably 30-day due dates. More information on that line item is available in Note 4 of the financials, along with information on the current portion of long-term debt and leases.\r\n\r\nLook up any publicly traded company\u2019s financial statements, and you\u2019ll see on the balance sheet, current liabilities are reported separately from long-term liabilities. We will be covering long-term liabilities in detail in another module.\r\n<div class=\"textbox tryit\">\r\n<h3>PRACTICE QUESTION<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/23808\r\n\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li style=\"font-weight: 400;\">Reporting current liabilities on the financial statements<\/li>\n<\/ul>\n<\/div>\n<p>As you can see from The Home Depot, Inc. partial balance sheet, current liabilities are presented in some detail. Income taxes payable are presented as a separate line item even though the amount is much smaller than the others, rather than being included in \u201cOther accrued expenses\u201d because it is of interest to investors.<\/p>\n<div id=\"attachment_6179\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6179\" class=\"wp-image-6179 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/17221001\/Screen-Shot-2020-11-17-at-2.09.48-PM-1024x462.png\" alt=\"See caption for link to long description.\" width=\"1024\" height=\"462\" \/><\/p>\n<p id=\"caption-attachment-6179\" class=\"wp-caption-text\">See the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Financial+Accounting\/Long+Descriptions\/The+Home+Depot+CBS+-+Liabilities.txt\" target=\"_blank\" rel=\"noopener\">balance sheet long description<\/a> here.<\/p>\n<\/div>\n<p>On this balance sheet, short term debt is listed before accounts payable which indicates it may be rolled over even more rapidly than the regular trade payables, which are probably 30-day due dates. More information on that line item is available in Note 4 of the financials, along with information on the current portion of long-term debt and leases.<\/p>\n<p>Look up any publicly traded company\u2019s financial statements, and you\u2019ll see on the balance sheet, current liabilities are reported separately from long-term liabilities. We will be covering long-term liabilities in detail in another module.<\/p>\n<div class=\"textbox tryit\">\n<h3>PRACTICE QUESTION<\/h3>\n<p>\t<iframe id=\"lumen_assessment_23808\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=23808&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_23808\" frameborder=\"0\" style=\"border:none;width:100%;height:100%;min-height:400px;\"><br \/>\n\t<\/iframe><\/p>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-4001\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Financial Statement Presentation. <strong>Authored by<\/strong>: Joseph Cooke. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":90270,"menu_order":18,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Financial Statement Presentation\",\"author\":\"Joseph Cooke\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-4001","chapter","type-chapter","status-publish","hentry"],"part":837,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4001","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/users\/90270"}],"version-history":[{"count":4,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4001\/revisions"}],"predecessor-version":[{"id":6661,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4001\/revisions\/6661"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/parts\/837"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4001\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/media?parent=4001"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=4001"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/contributor?post=4001"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/license?post=4001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}