The Balance Sheet
Definitions of Balance Sheet Items – Claims on Assets
Claims on assets arise from debt and from ownership claims on the company. As the number of liabilities and ownership items increase, the complexity of the balance sheet increases.
Balance Sheet
Products, Inc.
January 1, 2012
Scroll over account names for definitions
Claims on Assets |
| LiabilitiesLiabilities:Debts owned by an entity that can be satisfied through disbursing assets or rendering services. |
| Current LiabilitiesCurrent Liabilities:Those that require meeting the obligation within one year. |
|
|
| Long-term Debt : 1 Yr.Long-term Debt : 1 Yr.:That portion of long-term debt which is maturing within the year. |
$18,000 |
|
| Notes PayableNotes Payable:Debt owed on a short-term note. |
$39,000 |
|
| Accounts PayableAccounts Payable:Short-term obligations, created by the acquisition of goods and services. |
$15,000 |
|
| Taxes PayableTaxes Payable:Taxes due within the year. |
$13,000 |
|
| Accrued ExpensesAccrued Expenses:Short-term obligations, such as salaries, for services received but not yet paid. |
$43,000 |
|
| Other Current LiabilitiesOther Current Liabilities:As an example, dividends payable. Those items that do not fit into other categories. |
$11,000 |
|
| Total Current Liabilities |
$139,000 |
|
| Long-Term LiabilitiesLong-Term Liabilities:Due in period exceeding one year. |
|
|
| Notes PayableNotes Payable:Promissory notes. |
$18,000 |
|
| Bonds PayableBonds Payable:Obligation due on maturity value of bonds. |
$99,000 |
|
| Total Long-Term Liabilities |
$117,000 |
|
| Other LiabilitiesOther Liabilities:Liabilities relating to operational obligations such as pension obligations, deferred taxes, service warranties. |
|
|
| Pension ObligationsPension Obligations:Liabilities for future pension benefits due employees. |
$98,900 |
|
| Deferred TaxesDeferred Taxes:Longer-term tax obligations which have been deferred to some future period. |
$72,000 |
|
| Minority InterestMinority Interest:Ownership of minority shareholders in the equity of consolidated subsidiaries. Generally considered a liability. (It is usually seldom material.) |
$12,400 |
|
| Total Other Liabilities |
$183,300 |
|
| Total Liabilities |
|
$439,300 |
| Owners Equity |
| Preferred StockPreferred Stock:Special class of stock. |
$12,000 |
|
| Common EquityCommon Equity:Ownership of common stockholders. Common stock, capital surplus and retained earnings. |
|
|
| Common StockCommon Stock:Number of shares outstanding times par value. |
$118,000 |
|
| Capital SurplusCapital Surplus:Reflection of amount received per share of stock in excess of par value. |
$110,000 |
|
| Retained EarningsRetained Earnings:Undistributed earnings of the corporation. |
$100,000 |
|
| −Treasury StockTreasury Stock:Stock in the company which has been repurchased and not retired. |
−$55,000 |
|
| Total Common Equity |
$273,000 |
|
| Total Owners' Equity |
|
$285,000 |
| Total Claims on Assets |
|
$724,300 |
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