Balance Sheet Glossary

Posted: May 7, 2009 3:41 PM
Updated: May 7, 2009 3:41 PM

Real Small Business: Building Your Business

Balance Sheet Glossary

From the Editors of Real Small Business

Cash Cash on hand in all checking, savings, and short-term investment accounts when books were closed at the end of the fiscal year Accounts receivable Income derived from all products or services for which you bill. Calculate this number based on what is logged into the books at the close of the fiscal year Inventory Take this from the cost of goods table. It is inventory of material used to manufacture your company's products Current assets Includes cash, accounts receivable, inventory and other assets Long-term or fixed assets Long terms assets are so called because they will last more than one year as opposed to short-term assets that are spent or used up in manufacturing Capital and plant Book value or equipment and property, less depreciation Investment Investments of the company that cannot be converted into cash in less than one year Long-term assets Capital and plant plus investments and any other assets Total assets Sum of total assets and total long-term assets Liabilities Liabilities are also categorized as current or long-term Accounts payable All expenses that are due and payable Accrued liabilities Expenses incurred that have not been paid when books are closed Taxes Due and payable when books are closed Total current liabilities Accounts payable plus accrued liabilities plus taxes Long-term liabilities Liabilities that are not due in the next 12 months
Bonds payable Bonds at end of year that are due over a period exceeding one year Mortgage payable The mortgage amount due when books close Notes payable Amount owed on long-term debt that will not be paid during current fiscal year Total long-term liabilities Bonds payable plus mortgage payable plus notes payable Total liabilities Total current plus long-term liabilities Owners equity Total assets minus total liabilities

	Photo Central Look at photos and videos and share them!
	KZTV10.COM Mobile Website Get KZTV10.com on your mobile or PDA!
	KZTV10.COM Mobile Apps Get our mobile apps on your mobile or PDA!
	Texas Lottery See the latest winning numbers!
	10 News Team Read about your favorite KZTV personalities!

Member Center

KZTV10.com

CORPUS CHRISTI, TEXAS | CONTINUOUS NEWS COVERAGE

realsmallbusiness - Creating a Business Plan

Balance Sheet Glossary

Real Small Business: Building Your Business