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.
The New Jersey Balance Sheet Support Schedule regarding Accounts Payable is a financial tool that allows organizations to track and record their outstanding debts and obligations to suppliers, vendors, and other business partners. This schedule provides a comprehensive overview of the organization's accounts payable and helps in assessing its financial health and liquidity. The Accounts Payable section of the New Jersey Balance Sheet Support Schedule typically includes detailed information about the amounts owed, due dates, payment terms, and outstanding balances. It lists all the creditors or vendors that the organization has outstanding payables with, along with the respective amounts owed to each. Keywords: New Jersey, Balance Sheet Support Schedule, Accounts Payable, outstanding debts, obligations, suppliers, vendors, financial health, liquidity, due dates, payment terms, outstanding balances, creditors, payables. Different types of New Jersey Balance Sheet Support Schedules regarding Accounts Payable may include: 1. Current Accounts Payable: This section of the schedule represents the short-term obligations that are due within one year from the balance sheet date. It includes payables for goods or services purchased by the organization on credit, but yet to be paid. 2. Long-term Accounts Payable: This section displays the long-term debts or payables that are not due within one year from the balance sheet date. These may include loans, bonds, or other obligations with extended payment terms. 3. Trade Payables: This category focuses on the payables resulting from purchases of goods or services made on credit from suppliers or vendors. It includes bills from suppliers that need to be paid within the agreed-upon time frame. 4. Non-trade Payables: Non-trade payables involve the organization's liabilities owed to parties other than suppliers or vendors. Examples may include taxes payable, salaries payable, rent payable, and other similar obligations. 5. Accrued Payables: Accrued payables represent expenses that have been incurred but not yet paid or invoiced by the creditor or supplier. These can include accrued salaries, accrued interest, and accruals for other unpaid obligations. 6. Prepaid Payables: Prepaid payables refer to payments made in advance to suppliers or vendors for goods or services not yet received. These are typically recorded as assets on the balance sheet until the goods or services are received. 7. Unearned Payables: Unearned payables include funds received from customers or clients in advance for goods or services that are yet to be delivered. Similar to prepaid payables, unearned payables are considered liabilities until the duties are fulfilled. The New Jersey Balance Sheet Support Schedule is a crucial financial document for organizations to monitor, evaluate and manage their accounts payable effectively. It assists in assessing the organization's payment obligations, cash flow management, and overall financial stability.
