Term Definition
CashCash on hand in all checking, savings, and short-term investment accounts when books were closed at the end of the fiscal year
Accounts receivableIncome derived from all products or services for which you bill. Calculate this number based on what is logged into the books at the close of the fiscal year
InventoryTake this from the cost of goods table. It is inventory of material used to manufacture your company's products
Current assetsIncludes cash, accounts receivable, inventory and other assets
Long-term or fixed assetsLong terms assets are so called because they will last more than one year as opposed to short-term assets that are spent or used up in manufacturing
Capital and plantBook value or equipment and property, less depreciation
InvestmentInvestments of the company that cannot be converted into cash in less than one year
Long-term assetsCapital and plant plus investments and any other assets
Total assetsSum of total assets and total long-term assets
LiabilitiesLiabilities are also categorized as current or long-term
Accounts payableAll expenses that are due and payable
Accrued liabilitiesExpenses incurred that have not been paid when books are closed
TaxesDue and payable when books are closed
Total current liabilitiesAccounts payable plus accrued liabilities plus taxes
Long-term liabilitiesLiabilities that are not due in the next 12 months
Bonds payableBonds at end of year that are due over a period exceeding one year
Mortgage payableThe mortgage amount due when books close
Notes payableAmount owed on long-term debt that will not be paid during current fiscal year
Total long-term liabilitiesBonds payable plus mortgage payable plus notes payable
Total liabilitiesTotal current plus long-term liabilities
Owners equityTotal assets minus total liabilities


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