This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: marked as assets because these are all resources the business would own. Accounts receivable, notes payable, and salaries payable are all liabilities because they are all moneys that are owed to either employees, banks for barrowed monies, or creditors in general. These are also called “obligations” which creditor’s can legally force liquidation in order to retain the business’ debts. Cleaning supplies and common stock I have listed as stock holder’s equity because it is neither assets nor liabilities therefore it would be considered stock holders equity. This is because Assets – Liabilities = Stock Holder’s Equity....
View Full Document
- Spring '09
- Balance Sheet, Generally Accepted Accounting Principles, –Stock holders equity