Liabilities: Balance Sheet Flashcards
Notes Payable
The amount of principle due on a promissory note; i.e. bank loans
Accounts Payable
Debt owed for the purchases of goods or services on credit.
Salaries Payable
Salaries earned but not yet paid
Wages Payable
Wages earned but not yet paid
Interest Payable
Interest owed but not yet paid
Other Accrued Expenses Payables
Other Accrued expenses or obligations not yet made; i.e. estimated periodic bills such as utilities
Income Tax Payable
Amount of income taxes that are currently owed to the Federal, State and local governments.
Customer Deposit
Deposit made by customer for a good or service that has not been provided
Warranty Liabilities
Estimated amount a company will have to spend to repair or replace merchandise sold during the life of the warranty.
Lawsuit Payable
Estimated loss or obligation resulting from a court ordered payment.
Unearned Revenue
Revenue received before work or merchandise is provided
Bond Payable
Face value of bond that has not come due as of the date on the BS
