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.
Accounts Receivable means a debt owed by a debtor or customer to an enterprise for goods or services received. It usually represents money owed by customers in exchange for goods or services delivered to or used by them, but not yet paid for. Therefore, accounts receivable is an accounting transactions that deals with the billing of a customer for goods and services they have ordered. Income due from investments is not an account receivable. Account receivable is also known as a note receivable.
Ohio Balance Sheet Support Schedule Regarding Accounts Receivable is a financial document that provides a detailed breakdown of an organization's accounts receivable balances. It showcases the amount of money owed to the company by its customers, clients, or debtors. This support schedule is essential for tracking and managing the company's outstanding payments and forecasting cash flow. This schedule typically includes various types of accounts receivable, namely: 1. Trade Accounts Receivable: This category refers to the outstanding balances from the sale of goods or services to customers on credit terms. It reflects the amounts owed by regular customers who have not yet made their payments. 2. Non-Trade Accounts Receivable: These are receivables arising from sources other than regular business operations. It includes items such as loans given to employees, advances to suppliers, or interest receivables. 3. Allowance for Doubtful Accounts: This section includes an estimation of potential bad debts or uncollectible accounts. Companies set aside a specific amount as a reserve to account for the possibility of customers defaulting on their payments. 4. Accounts Receivable — Related Parties: This category represents receivables owed by individuals or entities that have a close relationship with the company, such as subsidiaries, affiliates, or key personnel. Disclosing these balances separately helps maintain transparency. The Ohio Balance Sheet Support Schedule Regarding Accounts Receivable offers a comprehensive view of an organization's financial health, liquidity, and creditworthiness. It provides crucial information for investors, lenders, and stakeholders, enabling them to assess the company's ability to collect outstanding balances and manage credit risks. Keywords: Ohio, Balance Sheet Support Schedule, Accounts Receivable, trade accounts receivable, non-trade accounts receivable, allowance for doubtful accounts, related parties.Ohio Balance Sheet Support Schedule Regarding Accounts Receivable is a financial document that provides a detailed breakdown of an organization's accounts receivable balances. It showcases the amount of money owed to the company by its customers, clients, or debtors. This support schedule is essential for tracking and managing the company's outstanding payments and forecasting cash flow. This schedule typically includes various types of accounts receivable, namely: 1. Trade Accounts Receivable: This category refers to the outstanding balances from the sale of goods or services to customers on credit terms. It reflects the amounts owed by regular customers who have not yet made their payments. 2. Non-Trade Accounts Receivable: These are receivables arising from sources other than regular business operations. It includes items such as loans given to employees, advances to suppliers, or interest receivables. 3. Allowance for Doubtful Accounts: This section includes an estimation of potential bad debts or uncollectible accounts. Companies set aside a specific amount as a reserve to account for the possibility of customers defaulting on their payments. 4. Accounts Receivable — Related Parties: This category represents receivables owed by individuals or entities that have a close relationship with the company, such as subsidiaries, affiliates, or key personnel. Disclosing these balances separately helps maintain transparency. The Ohio Balance Sheet Support Schedule Regarding Accounts Receivable offers a comprehensive view of an organization's financial health, liquidity, and creditworthiness. It provides crucial information for investors, lenders, and stakeholders, enabling them to assess the company's ability to collect outstanding balances and manage credit risks. Keywords: Ohio, Balance Sheet Support Schedule, Accounts Receivable, trade accounts receivable, non-trade accounts receivable, allowance for doubtful accounts, related parties.
