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.
Puerto Rico Balance Sheet Support Schedule refers to a financial document that outlines the accounts payable obligations of Puerto Rico, a United States territory in the Caribbean. This schedule provides comprehensive information about the amounts owed by the government or other entities in Puerto Rico, categorized as accounts payable on its balance sheet. Accounts payable are short-term liabilities that represent the outstanding balances owed to suppliers, vendors, or creditors for goods and services received but not yet paid for. The Balance Sheet Support Schedule regarding Accounts Payable in Puerto Rico depicts the detailed breakdown of these obligations, enabling a clear understanding of the territory's financial position and liquidity. This support schedule typically contains several sections, each focusing on different aspects of accounts payable. Some types of Puerto Rico Balance Sheet Support Schedules regarding Accounts Payable may include: 1. Trade Payables: This section includes the amounts owed to suppliers or vendors for the purchase of goods or services on credit. It provides a breakdown of outstanding invoices, their due dates, and the relevant financial terms. 2. Accrued Expenses: This section lists expenses that have been incurred but not yet paid, such as salaries and wages, utilities, rent, or interest on outstanding debt. It helps in estimating the total liabilities that Puerto Rico needs to settle in the near future. 3. Payroll Liabilities: Puerto Rico Balance Sheet Support Schedule may also categorize accounts payable related to employee salaries, benefits, and payroll taxes. This section assists in recognizing the outstanding obligations towards employees. 4. Taxes Payable: This section denotes any taxes owed by Puerto Rico, including income taxes, sales taxes, property taxes, or payroll taxes. It presents a clearer picture of the territory's tax liabilities. 5. Other Current Liabilities: This section covers any remaining short-term obligations not classified in the above categories. It may include amounts owed for insurance premiums, legal fees, or maintenance costs, among others. The Puerto Rico Balance Sheet Support Schedule regarding Accounts Payable serves as a vital tool for financial analysis, budgeting, and decision-making. It allows stakeholders and investors to assess the territory's current financial position, manage cash flows effectively, and plan for future obligations. The detailed breakdown aids in evaluating the maturity profile of accounts payable, identifying potential risks, and ensuring timely payments to creditors and suppliers. Overall, the Puerto Rico Balance Sheet Support Schedule regarding Accounts Payable serves as a transparent and comprehensive document, providing valuable insights into the territory's short-term liabilities and helping maintain a strong financial foundation.
