A balance sheet is an accounting tool used to summarize the financial status of a business or other entity. It generally lists assets on one side and liabilities on the other, and both sides are always in balance. Assets and liabilities are divided into short- and long-term obligations including cash accounts such as checking, money market, or government securities. At any given time, assets must equal liabilities plus owners equity. An asset is anything the business owns that has monetary value. Liabilities are the claims of creditors against the assets of the business. A balance sheet is usually prepared each month, quarter of a year, annually, or upon sale of the business, in order to show the overall condition of the company.
Account payable means a debt payable by a person or company to a creditor, or an enterprise in the normal course of its business. Account payable is usually maintained in the form of a file or statement of account. Generally, when a bill is received from a supplier or creditor, it is added to the account payable and removed from it when the amount is paid. For example: bills obtained for goods or services received and not yet paid. The account payable of a household usually consists of ordinarily bills from the electric company, cable television, telephone company, or satellite dish service, newspaper subscription, and other such regular services. It is also known as payables, note payable, or trade payable.
North Dakota Balance Sheet Support Schedule is a financial document that provides a detailed breakdown of accounts payable for a business or organization operating in the state of North Dakota. It outlines the amounts owed to creditors, suppliers, and vendors, and categorizes them based on their due dates. The Accounts Payable section within the North Dakota Balance Sheet Support Schedule encompasses various types of payable transactions, including trade payable, non-trade payable, and accrued expenses. It presents a comprehensive overview of the organization's liabilities and provides valuable insights into its financial obligations. Trade Payable: This category refers to amounts owed to suppliers, vendors, and other business partners for goods or services received. These payables arise from the purchase of inventory, raw materials, or any other assets necessary for business operations. The North Dakota Balance Sheet Support Schedule classifies trade payables by distinguishing short-term liabilities (due within a year) and long-term liabilities (due beyond one year). Non-Trade Payable: These accounts payable are different from trade payables as they arise from non-core business operations or contractual obligations that are not directly related to the company's primary goods or services. Non-trade payables typically include expenses like rent, utilities, insurance premiums, legal fees, and taxes. Accrued Expenses: Accrued expenses refer to costs that have been incurred but not yet paid. These expenses accumulate over time, and the North Dakota Balance Sheet Support Schedule will provide a breakdown of the outstanding amounts. Common examples of accrued expenses in this context include salaries and wages owed to employees, interest payable on outstanding loans, and deferred revenues. The North Dakota Balance Sheet Support Schedule is an essential tool for understanding a company's financial health and obligation management. By accurately documenting and categorizing accounts payable, businesses can effectively monitor their financial liabilities and ensure timely payments to their creditors. This detailed breakdown of accounts payable allows stakeholders to assess liquidity, evaluate creditworthiness, and make informed decisions about the organization's financial position. Keywords: North Dakota, Balance Sheet Support Schedule, Accounts Payable, Trade Payable, Non-Trade Payable, Accrued Expenses, Liabilities, Due Dates, Creditors, Suppliers, Vendors, Financial Obligations, Short-Term Liabilities, Long-Term Liabilities, Non-Core Business Operations, Contractual Obligations, Rent, Utilities, Insurance Premiums, Legal Fees, Taxes, Accrued Expenses, Salaries, Wages, Interest Payable, Deferred Revenues, Financial Health, Obligation Management, Liquidity, Creditworthiness, Stakeholders, Timely Payments, Financial Position.
