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Importance of Accounts Payable. Accounts payable represent short-term debt obligations. While terms can vary, accounts payable typically need to be paid for within 30 days.
Because wages are accrued for an entire week before they are paid, wages paid on Friday are compensation for the week ended June 5th. If the total wages for the 4 Fridays in June are $1000.00 ($250.00 per week or $50.00 per day), "Imaginary company Ltd." will make routine journal entries for wage payments at the end of each week.
A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms equity [for profit enterprise] or net assets [not-for ...
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
In the most recent balance sheet, I think they had about 87 million in total assets, but close to 32 million of that is just the company generated intangible asset. Now, they can't sell that to ...
Compensation of employees (CE) is a statistical term used in national accounts, balance of payments statistics and sometimes in corporate accounts as well. It refers basically to the total gross (pre-tax) wages paid by employers to employees for work done in an accounting period, such as a quarter or a year.
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