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.
Cook Illinois, a prominent transportation company, maintains a comprehensive Cook Illinois Balance Sheet Support Schedule regarding its accounts receivable. This document plays a vital role in the company's financial reporting and provides a detailed breakdown of its accounts receivable balances and associated support. The purpose of this schedule is to ensure accurate and transparent representation of Cook Illinois' financial position and to assist in mitigating the risk of bad debt. The Cook Illinois Balance Sheet Support Schedule Regarding Accounts Receivable includes various types and categories of accounts receivable and their respective support information. Below are some key components and categories that may be found within this schedule: 1. Customer Name and Identification: The schedule lists all the customers who owe money to Cook Illinois and their unique identifiers. This helps in tracking and managing individual customer balances effectively. 2. Invoice Details: Each outstanding invoice issued by Cook Illinois to the customers is recorded in this schedule. This includes invoice numbers, dates, amounts, and respective due dates. These details give a clear picture of the outstanding balances owed by customers. 3. Aging Analysis: This section classifies accounts receivable balances based on their maturity. Typically, accounts are grouped into different age brackets, such as current (0-30 days), 31-60 days, 61-90 days, and over 90 days. This breakdown helps in identifying any overdue or slow-paying customers, enabling appropriate measures to be taken for payment recovery. 4. Supporting Documentation: Cook Illinois includes relevant supporting documentation for each outstanding invoice in this schedule. This may include copies of invoices, purchase orders, contracts, shipment records, or any other relevant documents that substantiate the amounts due. These documents act as evidence for the legitimacy of the outstanding balances. 5. Allowance for Doubtful Accounts: Cook Illinois may allocate a provision for potentially uncollectible accounts receivable to account for the risk of non-payment. This provision, often referred to as the allowance for doubtful accounts, is recorded separately in the schedule. It represents management's estimated amount of potential bad debt and demonstrates the conservative approach of Cook Illinois towards its accounts receivable. The Cook Illinois Balance Sheet Support Schedule Regarding Accounts Receivable provides a comprehensive overview of the company's outstanding customer balances, their maturity, and the associated supporting documentation. It enhances transparency, aids in proper financial reporting, and assists in making informed decisions regarding credit management and collection strategies.Cook Illinois, a prominent transportation company, maintains a comprehensive Cook Illinois Balance Sheet Support Schedule regarding its accounts receivable. This document plays a vital role in the company's financial reporting and provides a detailed breakdown of its accounts receivable balances and associated support. The purpose of this schedule is to ensure accurate and transparent representation of Cook Illinois' financial position and to assist in mitigating the risk of bad debt. The Cook Illinois Balance Sheet Support Schedule Regarding Accounts Receivable includes various types and categories of accounts receivable and their respective support information. Below are some key components and categories that may be found within this schedule: 1. Customer Name and Identification: The schedule lists all the customers who owe money to Cook Illinois and their unique identifiers. This helps in tracking and managing individual customer balances effectively. 2. Invoice Details: Each outstanding invoice issued by Cook Illinois to the customers is recorded in this schedule. This includes invoice numbers, dates, amounts, and respective due dates. These details give a clear picture of the outstanding balances owed by customers. 3. Aging Analysis: This section classifies accounts receivable balances based on their maturity. Typically, accounts are grouped into different age brackets, such as current (0-30 days), 31-60 days, 61-90 days, and over 90 days. This breakdown helps in identifying any overdue or slow-paying customers, enabling appropriate measures to be taken for payment recovery. 4. Supporting Documentation: Cook Illinois includes relevant supporting documentation for each outstanding invoice in this schedule. This may include copies of invoices, purchase orders, contracts, shipment records, or any other relevant documents that substantiate the amounts due. These documents act as evidence for the legitimacy of the outstanding balances. 5. Allowance for Doubtful Accounts: Cook Illinois may allocate a provision for potentially uncollectible accounts receivable to account for the risk of non-payment. This provision, often referred to as the allowance for doubtful accounts, is recorded separately in the schedule. It represents management's estimated amount of potential bad debt and demonstrates the conservative approach of Cook Illinois towards its accounts receivable. The Cook Illinois Balance Sheet Support Schedule Regarding Accounts Receivable provides a comprehensive overview of the company's outstanding customer balances, their maturity, and the associated supporting documentation. It enhances transparency, aids in proper financial reporting, and assists in making informed decisions regarding credit management and collection strategies.
