Provide the following answers for this study guide.

. Chapter 8 (28 points) Difference between current and long-term liabilities and examples of each Contingent liabilities - when to record and when to disclose and examples Calculating employee net pay Treasury stock - what it is, why it is purchased, where it is recorded on the balance sheet and the effect on the accounting equation Reasons and effects of stock splits Definition of and recording the issuance of common and preferred stock on the balance sheet (including par value and additional paid-in-capital) Difference between the number of shares of stock authorized, issued and outstanding Bonds - difference between contract rate of interest, market rate and effective rate Calculating the price of bonds issued at above or below 100 and how the premium or discount affects the contract rate a effective rate of interest