Indiana A Summary of Your Assets and Liabilities (non-individuals) is a document required by the Indiana Department of Financial Institutions (DFI) that summarizes all the assets and liabilities of a non-individual entity, such as a corporation, LLC, or partnership. This document is to be signed by all officers of the entity and is part of the annual financial report filing. It includes all assets, such as cash, accounts receivable, investments, property and equipment, and less any liabilities such as accounts payable, notes payable, and other liabilities. It also includes any real estate held, any mortgages, and any other encumbrances. The document also includes any capital or retained earnings of the entity.
Indiana A Summary of Your Assets and Liabilities (non-individuals)
State:
Indiana
Control #:
IN-B-206-SUMMARY
Format:
PDF
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A Summary of Your Assets and Liabilities (non-individuals)
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FAQ
Overview: The balance sheet - also called the Statement of Financial Position - serves as a snapshot, providing the most comprehensive picture of an organization's financial situation. It reports on an organization's assets (what is owned) and liabilities (what is owed).
Assets are what a business owns, and liabilities are what a business owes. Both are listed on a company's balance sheet, a financial statement that shows a company's financial health. Assets minus liabilities equal equity?or the company's net worth. Ideally, a company should have more assets than liabilities.
Recorded on the right side of the balance sheet, liabilities include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued expenses.
The assets on the balance sheet consist of what a company owns or will receive in the future and which are measurable. Liabilities are what a company owes, such as taxes, payables, salaries, and debt.
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. Assets are reported on a company's balance sheet. They are bought or created to increase a firm's value or benefit the firm's operations.