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Balance Sheet Glossary

Adapted from content excerpted from the American Express® OPEN Small Business Network


Cash Cash on hand in all checking, savings, and short-term investment accounts when books were closed at the end of the fiscal year
Accounts receivable Income derived from all products or services for which you bill. Calculate this number based on what is logged into the books at the close of the fiscal year
Inventory Take this from the cost of goods table. It is inventory of material used to manufacture your company's products
Current assets Includes cash, accounts receivable, inventory and other assets
Long-term or fixed assets Long terms assets are so called because they will last more than one year as opposed to short-term assets that are spent or used up in manufacturing
Capital and plant Book value or equipment and property, less depreciation
Investment Investments of the company that cannot be converted into cash in less than one year
Long-term assets Capital and plant plus investments and any other assets
Total assets Sum of total assets and total long-term assets
Liabilities Liabilities are also categorized as current or long-term
Accounts payable All expenses that are due and payable
Accrued liabilities Expenses incurred that have not been paid when books are closed
Taxes Due and payable when books are closed
Total current liabilities Accounts payable plus accrued liabilities plus taxes
Long-term liabilities Liabilities that are not due in the next 12 months
Bonds payable Bonds at end of year that are due over a period exceeding one year
Mortgage payable The mortgage amount due when books close
Notes payable Amount owed on long-term debt that will not be paid during current fiscal year
Total long-term liabilities Bonds payable plus mortgage payable plus notes payable
Total liabilities Total current plus long-term liabilities
Owners equity Total assets minus total liabilities

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