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.
Mecklenburg County, located in the state of North Carolina, follows a systematic approach in preparing its Balance Sheet Support Schedule Regarding Accounts Receivable. This schedule provides detailed information about the county's outstanding accounts receivable and supports the accuracy and completeness of the balance sheet. Several types of Mecklenburg North Carolina Balance Sheet Support Schedules Regarding Accounts Receivable can be identified, including: 1. Governmental Fund Support Schedule: This schedule outlines the accounts receivable related to Mecklenburg County's governmental funds. It provides a comprehensive breakdown of outstanding receivables from various sources, such as taxes, licenses, permits, fines, fees, and intergovernmental funds. 2. Enterprise Fund Support Schedule: In addition to governmental funds, Mecklenburg County may manage enterprise funds dedicated to specific business activities, such as utilities or public transportation. The enterprise fund support schedule focuses on detailing accounts receivable related to these specific fund operations. 3. Special Revenue Fund Support Schedule: Mecklenburg County may establish special revenue funds to account for resources earmarked for particular purposes, such as grants or donations. The special revenue fund support schedule highlights the accounts receivable associated with these funds, providing transparency on outstanding balances. 4. Capital Projects Fund Support Schedule: This schedule pertains to account receivable arising from capital projects or infrastructure improvements undertaken by Mecklenburg County. It assists in tracking receivables related to grants, contributions, or reimbursements associated with these projects. The Mecklenburg North Carolina Balance Sheet Support Schedule Regarding Accounts Receivable demonstrates the county's financial position and aids in the accurate reporting of outstanding balances. By meticulously documenting the various types of accounts receivable within different fund categories, the county ensures effective financial management and accountability.Mecklenburg County, located in the state of North Carolina, follows a systematic approach in preparing its Balance Sheet Support Schedule Regarding Accounts Receivable. This schedule provides detailed information about the county's outstanding accounts receivable and supports the accuracy and completeness of the balance sheet. Several types of Mecklenburg North Carolina Balance Sheet Support Schedules Regarding Accounts Receivable can be identified, including: 1. Governmental Fund Support Schedule: This schedule outlines the accounts receivable related to Mecklenburg County's governmental funds. It provides a comprehensive breakdown of outstanding receivables from various sources, such as taxes, licenses, permits, fines, fees, and intergovernmental funds. 2. Enterprise Fund Support Schedule: In addition to governmental funds, Mecklenburg County may manage enterprise funds dedicated to specific business activities, such as utilities or public transportation. The enterprise fund support schedule focuses on detailing accounts receivable related to these specific fund operations. 3. Special Revenue Fund Support Schedule: Mecklenburg County may establish special revenue funds to account for resources earmarked for particular purposes, such as grants or donations. The special revenue fund support schedule highlights the accounts receivable associated with these funds, providing transparency on outstanding balances. 4. Capital Projects Fund Support Schedule: This schedule pertains to account receivable arising from capital projects or infrastructure improvements undertaken by Mecklenburg County. It assists in tracking receivables related to grants, contributions, or reimbursements associated with these projects. The Mecklenburg North Carolina Balance Sheet Support Schedule Regarding Accounts Receivable demonstrates the county's financial position and aids in the accurate reporting of outstanding balances. By meticulously documenting the various types of accounts receivable within different fund categories, the county ensures effective financial management and accountability.
