This course discusses the accounting, reporting, and disclosures associated with both current and long-term liabilities on the balance sheet. A liability is a legal debt or obligation that arises during the course of business operations. A current liability, such as accounts payable, is payable within one year. It issues a bond for a discount when it sells it for less than face value. The amount of the discount or premium is the difference between the issue price and the face value. Your company must adjust your interest expense for amortization on the income statement and report the remaining balance of a premium or discount on the balance sheet. Another example of off-balance-sheet financing is an operating lease, which are typically entered into in order to use equipment on a short-term basis relative to the overall useful life of the asset. An operating lease does not transfer any of the rewards or risks of ownership, and as a result are not reported on the balance sheet of the lessee. The Federal Reserve prepares this quarterly report as part of its efforts to enhance transparency about its balance sheet, financial information, and monetary policy tools, and to ensure appropriate accountability to the Congress and the public. The appendix of this report contains information about ... Aug 31, 2012 · How to record a bond issued at a premium on the balance sheet and income statement, detailed journal entries (T account form), amortize a bond issued at a pr... The December 31, Year One, balance sheet reports the bond payable as a noncurrent liability of $459,447. That is the original principal (present value) of $453,076 plus compound interest of $3,123 (first six months) and $3,248 (second six months). Course Description This course discusses the accounting, reporting, and disclosures associated with liabilities on the balance sheet. It includes items covered in ASC 210-10-45-5 through 45-12 and 470-10, Balance Sheet: Overall.