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.
Maricopa Arizona Balance Sheet Support Schedule regarding Accounts Payable serves as a comprehensive financial document that provides an overview of all outstanding liabilities owed by the Maricopa County government. It elucidates the various types of financial obligations owed to vendors, suppliers, and other entities. The key types of Maricopa Arizona Balance Sheet Support Schedules regarding Accounts Payable include: 1. Current Accounts Payable: This section of the balance sheet outlines the short-term liabilities that are expected to be settled within one year or the operating cycle. It includes payments due for goods, services, utilities, and any other outstanding bills. 2. Accrued Liabilities: This section incorporates expenses that have been incurred but not yet paid. It encompasses items such as salaries and wages, interest, taxes, and other obligations that have accrued over time. 3. Notes Payable: This section outlines any long-term debts that are due beyond one year or the operating cycle. It includes loans, bonds, or contractual obligations that the county has entered into with various financial institutions or government bodies. 4. Capital Lease Obligations: If Maricopa County has opted for capital leases to finance assets, this section provides information about such obligations. Capital leases are long-term rental agreements where the lessor transfers ownership rights to the lessee. 5. Contingent Liabilities: This section covers potential liabilities that may arise in future events that are uncertain or dependent on certain conditions. It includes legal claims, warranties, guarantees, or any other potential obligations that may arise. A typical Maricopa Arizona Balance Sheet Support Schedule regarding Accounts Payable will include detailed information for each type of liability, such as the name of the creditor, outstanding balance, due dates, and any relevant terms and conditions. This document plays a crucial role in providing transparency and accountability in Maricopa County's financial management by ensuring that all outstanding liabilities are accurately recorded and properly managed.Maricopa Arizona Balance Sheet Support Schedule regarding Accounts Payable serves as a comprehensive financial document that provides an overview of all outstanding liabilities owed by the Maricopa County government. It elucidates the various types of financial obligations owed to vendors, suppliers, and other entities. The key types of Maricopa Arizona Balance Sheet Support Schedules regarding Accounts Payable include: 1. Current Accounts Payable: This section of the balance sheet outlines the short-term liabilities that are expected to be settled within one year or the operating cycle. It includes payments due for goods, services, utilities, and any other outstanding bills. 2. Accrued Liabilities: This section incorporates expenses that have been incurred but not yet paid. It encompasses items such as salaries and wages, interest, taxes, and other obligations that have accrued over time. 3. Notes Payable: This section outlines any long-term debts that are due beyond one year or the operating cycle. It includes loans, bonds, or contractual obligations that the county has entered into with various financial institutions or government bodies. 4. Capital Lease Obligations: If Maricopa County has opted for capital leases to finance assets, this section provides information about such obligations. Capital leases are long-term rental agreements where the lessor transfers ownership rights to the lessee. 5. Contingent Liabilities: This section covers potential liabilities that may arise in future events that are uncertain or dependent on certain conditions. It includes legal claims, warranties, guarantees, or any other potential obligations that may arise. A typical Maricopa Arizona Balance Sheet Support Schedule regarding Accounts Payable will include detailed information for each type of liability, such as the name of the creditor, outstanding balance, due dates, and any relevant terms and conditions. This document plays a crucial role in providing transparency and accountability in Maricopa County's financial management by ensuring that all outstanding liabilities are accurately recorded and properly managed.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
