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.
A Bronx New York Balance Sheet Support Schedule Regarding Accounts Receivable is a detailed financial statement that outlines the outstanding balances owed to a company by its customers or clients in Bronx, New York. It provides valuable information about the company's ability to collect payments promptly and the creditworthiness of its clients. The purpose of this schedule is to assist in evaluating the financial health of the company and its ability to generate cash flow. It presents an itemized list of all accounts receivable generated from the sales of products or services in Bronx, New York. The schedule includes various types of accounts receivable, such as: 1. Trade Receivables: These are amounts owed by customers for goods or services provided by the company in Bronx, New York, and are expected to be collected within a specific timeframe. 2. Notes Receivable: This category includes any promissory notes or written agreements where customers owe the company money for a specified period, generally involving interest payments. 3. Allowance for Doubtful Accounts: This section represents an estimation of the amount of outstanding accounts receivable that may not be collected due to customers' financial difficulties or disputes. Companies set aside a reserve fund to cover potential bad debts. 4. Bad Debt Expense: In cases where the company determines it is unlikely to collect the outstanding balance, the amount is written off as bad debt. This section accounts for the expenses incurred due to uncollectible accounts from Bronx, New York customers. 5. Customer Aging analysis: This analysis categorizes accounts receivable based on the length of time an invoice or payment has been outstanding. It assists in identifying potential collection issues and helps prioritize collection efforts. The Bronx New York Balance Sheet Support Schedule Regarding Accounts Receivable acts as an indispensable tool for financial planning, management, and decision-making. It enables businesses to monitor their cash flow, estimate potential losses from uncollectible debts, and take appropriate measures to improve their accounts receivable turnover. Keywords: Bronx New York, balance sheet, support schedule, accounts receivable, trade receivables, notes receivable, allowance for doubtful accounts, bad debt expense, customer aging analysis.A Bronx New York Balance Sheet Support Schedule Regarding Accounts Receivable is a detailed financial statement that outlines the outstanding balances owed to a company by its customers or clients in Bronx, New York. It provides valuable information about the company's ability to collect payments promptly and the creditworthiness of its clients. The purpose of this schedule is to assist in evaluating the financial health of the company and its ability to generate cash flow. It presents an itemized list of all accounts receivable generated from the sales of products or services in Bronx, New York. The schedule includes various types of accounts receivable, such as: 1. Trade Receivables: These are amounts owed by customers for goods or services provided by the company in Bronx, New York, and are expected to be collected within a specific timeframe. 2. Notes Receivable: This category includes any promissory notes or written agreements where customers owe the company money for a specified period, generally involving interest payments. 3. Allowance for Doubtful Accounts: This section represents an estimation of the amount of outstanding accounts receivable that may not be collected due to customers' financial difficulties or disputes. Companies set aside a reserve fund to cover potential bad debts. 4. Bad Debt Expense: In cases where the company determines it is unlikely to collect the outstanding balance, the amount is written off as bad debt. This section accounts for the expenses incurred due to uncollectible accounts from Bronx, New York customers. 5. Customer Aging analysis: This analysis categorizes accounts receivable based on the length of time an invoice or payment has been outstanding. It assists in identifying potential collection issues and helps prioritize collection efforts. The Bronx New York Balance Sheet Support Schedule Regarding Accounts Receivable acts as an indispensable tool for financial planning, management, and decision-making. It enables businesses to monitor their cash flow, estimate potential losses from uncollectible debts, and take appropriate measures to improve their accounts receivable turnover. Keywords: Bronx New York, balance sheet, support schedule, accounts receivable, trade receivables, notes receivable, allowance for doubtful accounts, bad debt expense, customer aging analysis.
