{"id":295,"date":"2024-09-06T16:48:23","date_gmt":"2024-09-06T16:48:23","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/financial-statement-presentation-2\/"},"modified":"2024-09-18T21:09:33","modified_gmt":"2024-09-18T21:09:33","slug":"financial-statement-presentation-2","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/financial-statement-presentation-2\/","title":{"raw":"Financial Statement Presentation","rendered":"Financial Statement Presentation"},"content":{"raw":"<section class=\"textbox learningGoals\" aria-label=\"Learning Goals\">\r\n<ul>\r\n \t<li>Reporting current liabilities on the financial statements<\/li>\r\n<\/ul>\r\n<\/section>&nbsp;\r\n\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<table class=\"fin-table acctstatement\"><caption>THE HOME DEPOT INC.\r\nCONSOLIDATED BALANCE SHEET<\/caption>\r\n<thead>\r\n<tr>\r\n<th><em>in millions, except per share data<\/em><\/th>\r\n<th>February 2, 2020<\/th>\r\n<th>February 3, 2019<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td colspan=\"3\"><span class=\"u-sr-only\">Subcategory, <\/span>Current liabilities:<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0Short term debt<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0974<\/td>\r\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a01,339<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0Accounts payable<\/td>\r\n<td class=\"r\">7,787<\/td>\r\n<td class=\"r\">7,755<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0Accured salaries and related expenses<\/td>\r\n<td class=\"r\">1,494<\/td>\r\n<td class=\"r\">1,506<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0 \u00a0 \u00a0Sales taxes payable<\/td>\r\n<td class=\"r\">605<\/td>\r\n<td class=\"r\">656<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0 \u00a0 \u00a0Deferred revenue<\/td>\r\n<td class=\"r\">2,116<\/td>\r\n<td class=\"r\">1,782<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0 \u00a0 \u00a0Income taxes payable<\/td>\r\n<td class=\"r\">55<\/td>\r\n<td class=\"r\">11<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0 \u00a0 \u00a0Current installments of long-term debt<\/td>\r\n<td class=\"r\">1,839<\/td>\r\n<td class=\"r\">1,056<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0 \u00a0 \u00a0Current operating lease liabilities<\/td>\r\n<td class=\"r\">828<\/td>\r\n<td class=\"r\">\u2013<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0 \u00a0 \u00a0Other accrued expenses<\/td>\r\n<td class=\"r\">2,677<\/td>\r\n<td class=\"r\">2,611<\/td>\r\n<\/tr>\r\n<tr>\r\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total current liabilities<\/td>\r\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span>\r\n18,375<\/td>\r\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span>\r\n16,716<\/td>\r\n<\/tr>\r\n<tr>\r\n<td><\/td>\r\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span><\/td>\r\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n&nbsp;\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\r\n<section class=\"textbox tryIt\" aria-label=\"Try It\">[ohm2_question hide_question_numbers=1]25206[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\" aria-label=\"Learning Goals\">\n<ul>\n<li>Reporting current liabilities on the financial statements<\/li>\n<\/ul>\n<\/section>\n<p>&nbsp;<\/p>\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<table class=\"fin-table acctstatement\">\n<caption>THE HOME DEPOT INC.<br \/>\nCONSOLIDATED BALANCE SHEET<\/caption>\n<thead>\n<tr>\n<th><em>in millions, except per share data<\/em><\/th>\n<th>February 2, 2020<\/th>\n<th>February 3, 2019<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td colspan=\"3\"><span class=\"u-sr-only\">Subcategory, <\/span>Current liabilities:<\/td>\n<\/tr>\n<tr>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0Short term debt<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a0974<\/td>\n<td class=\"r\">$\u00a0\u00a0\u00a0\u00a0\u00a01,339<\/td>\n<\/tr>\n<tr>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0Accounts payable<\/td>\n<td class=\"r\">7,787<\/td>\n<td class=\"r\">7,755<\/td>\n<\/tr>\n<tr>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0Accured salaries and related expenses<\/td>\n<td class=\"r\">1,494<\/td>\n<td class=\"r\">1,506<\/td>\n<\/tr>\n<tr>\n<td>\u00a0 \u00a0 \u00a0Sales taxes payable<\/td>\n<td class=\"r\">605<\/td>\n<td class=\"r\">656<\/td>\n<\/tr>\n<tr>\n<td>\u00a0 \u00a0 \u00a0Deferred revenue<\/td>\n<td class=\"r\">2,116<\/td>\n<td class=\"r\">1,782<\/td>\n<\/tr>\n<tr>\n<td>\u00a0 \u00a0 \u00a0Income taxes payable<\/td>\n<td class=\"r\">55<\/td>\n<td class=\"r\">11<\/td>\n<\/tr>\n<tr>\n<td>\u00a0 \u00a0 \u00a0Current installments of long-term debt<\/td>\n<td class=\"r\">1,839<\/td>\n<td class=\"r\">1,056<\/td>\n<\/tr>\n<tr>\n<td>\u00a0 \u00a0 \u00a0Current operating lease liabilities<\/td>\n<td class=\"r\">828<\/td>\n<td class=\"r\">\u2013<\/td>\n<\/tr>\n<tr>\n<td>\u00a0 \u00a0 \u00a0Other accrued expenses<\/td>\n<td class=\"r\">2,677<\/td>\n<td class=\"r\">2,611<\/td>\n<\/tr>\n<tr>\n<td>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Total current liabilities<\/td>\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span><br \/>\n18,375<\/td>\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span><br \/>\n16,716<\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span><\/td>\n<td class=\"r line-single line\"><span class=\"u-sr-only\">Single line<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\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<section class=\"textbox tryIt\" aria-label=\"Try It\"><iframe loading=\"lazy\" id=\"ohm25206\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=25206&theme=lumen&iframe_resize_id=ohm25206&source=tnh\" width=\"100%\" height=\"150\"><\/iframe><\/section>\n","protected":false},"author":6,"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\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":277,"module-header":"- Select Header -","content_attributions":[{"type":"original","description":"Financial Statement Presentation","author":"Joseph Cooke","organization":"Lumen Learning","url":"","project":"","license":"cc-by","license_terms":""}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/295"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/users\/6"}],"version-history":[{"count":4,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/295\/revisions"}],"predecessor-version":[{"id":1108,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/295\/revisions\/1108"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/parts\/277"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/295\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/media?parent=295"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=295"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/contributor?post=295"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/license?post=295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}