Nov 5 Balance Sheet - Interest Payable: Interest on a debt...

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Balance Sheet Fixed Assets Current or fixed part of the business Land: Value of acquisition of land Normally appreciates Buildings: Everyday use Normally depreciates Straight-line depreciation: Determine the useful life of the asset Divide the acquisition value by the useful life of the asset per year Other Assets Investment: Value at date of acquisition Goodwill: A tangible asset Reputation or value of the business Liability Debt of the company, what the company owes Current Liabilities: What the company owes in the next 365 days No specific order Accounts Payable: Moneys that have to be paid out in thee next 31 days Notes Payable: Written promise or note to pay by 31-365 days Tax Payable: Taxes incurred but not yet paid
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Unformatted text preview: Interest Payable: Interest on a debt that has incurred but not yet paid Wages Payable: Wages that have incurred but not yet paid Long Term Liabilities: Long term loans or mortgage Notes Payable: Written promise or note to pay in more than one year Bonds Payable: Borrowing money, date of maturity when the company must buy the bond back. 7-12 years Shareholders Equity: The money a company owes to shareholders if the business terminates Equity that shareholders have in the business Common Stock: Value of the stock when it was issued and sold Retained Earnings: Distributive profits to the shareholders, but the business can retain those earnings...
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This note was uploaded on 12/08/2009 for the course TEFLER ADM1300 taught by Professor Koppel during the Fall '09 term at University of Ottawa.

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Nov 5 Balance Sheet - Interest Payable: Interest on a debt...

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