{"id":4039,"date":"2020-10-24T16:35:59","date_gmt":"2020-10-24T16:35:59","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-financialaccounting\/?post_type=chapter&#038;p=4039"},"modified":"2020-12-03T20:37:56","modified_gmt":"2020-12-03T20:37:56","slug":"financial-statement-presentation-3","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/chapter\/financial-statement-presentation-3\/","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;\">Report non-current liabilities on the balance sheet<\/li>\r\n<\/ul>\r\n<\/div>\r\n\r\n[caption id=\"attachment_6142\" align=\"aligncenter\" width=\"1024\"]<img class=\"wp-image-6142 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/17213031\/Screen-Shot-2020-11-17-at-1.30.15-PM-1024x469.png\" alt=\"See caption for link to long description.\" width=\"1024\" height=\"469\" \/> See the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Financial+Accounting\/Long+Descriptions\/Ford+CBS+Liabilities.txt\" target=\"_blank\" rel=\"noopener\">balance sheet long description<\/a> here.[\/caption]\r\n\r\nYou can probably see some of the inter-relationships between current and non-current liabilities. The most notable is that long-term debt includes a current portion that has to be split out on the face of the financial statements. It is usually entitled \u201ccurrent portion of long-term debt\u201d, but on the Ford Motor Company balance sheet, it is conveniently called \u201cdebt payable within one year\u201d and is detailed in Note 20.\r\n\r\nIn addition, note the amount of $25.324 billion reported as \u201cOther liabilities and deferred revenue: is detailed in Note 17 (along with details of the current other liabilities of $22.987 billion):\r\n\r\n[caption id=\"attachment_6143\" align=\"aligncenter\" width=\"1024\"]<img class=\"wp-image-6143 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/17213100\/Screen-Shot-2020-11-17-at-1.30.47-PM-1024x603.png\" alt=\"See caption for link to long description.\" width=\"1024\" height=\"603\" \/> See the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Financial+Accounting\/Long+Descriptions\/Ford+Note+17.txt\" target=\"_blank\" rel=\"noopener\">note long description<\/a> here.[\/caption]\r\n\r\nThe Pension and OPEB (other post-employment benefits, such as health insurance) are long-term liabilities because they represent the present value of the future payments to employees who have or will retire and qualify for company benefits.\r\n\r\nOn the income statement, for finance leases, interest on the finance right-of-use liability and amortization (depreciation) on the finance right-of-use asset are presented in the same manner as the entity presents all other interest and depreciation expenses on similar assets. For operating leases, lease expense is included in the operating expenses.\r\n<div class=\"textbox tryit\">\r\n<h3>Practice Question<\/h3>\r\nhttps:\/\/assessments.lumenlearning.com\/assessments\/23822\r\n\r\n<\/div>","rendered":"<div class=\"textbox learning-objectives\">\n<h3>Learning Outcomes<\/h3>\n<ul>\n<li style=\"font-weight: 400;\">Report non-current liabilities on the balance sheet<\/li>\n<\/ul>\n<\/div>\n<div id=\"attachment_6142\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6142\" class=\"wp-image-6142 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/17213031\/Screen-Shot-2020-11-17-at-1.30.15-PM-1024x469.png\" alt=\"See caption for link to long description.\" width=\"1024\" height=\"469\" \/><\/p>\n<p id=\"caption-attachment-6142\" class=\"wp-caption-text\">See the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Financial+Accounting\/Long+Descriptions\/Ford+CBS+Liabilities.txt\" target=\"_blank\" rel=\"noopener\">balance sheet long description<\/a> here.<\/p>\n<\/div>\n<p>You can probably see some of the inter-relationships between current and non-current liabilities. The most notable is that long-term debt includes a current portion that has to be split out on the face of the financial statements. It is usually entitled \u201ccurrent portion of long-term debt\u201d, but on the Ford Motor Company balance sheet, it is conveniently called \u201cdebt payable within one year\u201d and is detailed in Note 20.<\/p>\n<p>In addition, note the amount of $25.324 billion reported as \u201cOther liabilities and deferred revenue: is detailed in Note 17 (along with details of the current other liabilities of $22.987 billion):<\/p>\n<div id=\"attachment_6143\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-6143\" class=\"wp-image-6143 size-large\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/17213100\/Screen-Shot-2020-11-17-at-1.30.47-PM-1024x603.png\" alt=\"See caption for link to long description.\" width=\"1024\" height=\"603\" \/><\/p>\n<p id=\"caption-attachment-6143\" class=\"wp-caption-text\">See the <a href=\"https:\/\/course-building.s3-us-west-2.amazonaws.com\/Financial+Accounting\/Long+Descriptions\/Ford+Note+17.txt\" target=\"_blank\" rel=\"noopener\">note long description<\/a> here.<\/p>\n<\/div>\n<p>The Pension and OPEB (other post-employment benefits, such as health insurance) are long-term liabilities because they represent the present value of the future payments to employees who have or will retire and qualify for company benefits.<\/p>\n<p>On the income statement, for finance leases, interest on the finance right-of-use liability and amortization (depreciation) on the finance right-of-use asset are presented in the same manner as the entity presents all other interest and depreciation expenses on similar assets. For operating leases, lease expense is included in the operating expenses.<\/p>\n<div class=\"textbox tryit\">\n<h3>Practice Question<\/h3>\n<p>\t<iframe id=\"lumen_assessment_23822\" class=\"resizable\" src=\"https:\/\/assessments.lumenlearning.com\/assessments\/load?assessment_id=23822&#38;embed=1&#38;external_user_id=&#38;external_context_id=&#38;iframe_resize_id=lumen_assessment_23822\" 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-4039\">\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":16,"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-4039","chapter","type-chapter","status-publish","hentry"],"part":825,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4039","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":6,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4039\/revisions"}],"predecessor-version":[{"id":6671,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4039\/revisions\/6671"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/parts\/825"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/4039\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/media?parent=4039"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=4039"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/contributor?post=4039"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/license?post=4039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}