When it comes to building out a balance sheet, an organization’s accounts payable come into play. As you work through a balance sheet, you’ll need to determine whether accounts payable are an asset or ...

Tax Payable is a liability account that represents the payroll, sales and other taxes that you owe but for which you have not issued payment. This liability account provides an avenue to recognize the ...

Accounts payable (AP) refers to the amount of money a business owes to its suppliers or vendors for goods or services received but not yet paid for. These are short-term liabilities that need to be ...

Allowance for doubtful accounts is a common contra asset listed on a company's balance sheet under accounts receivable. When a company sells its products or services to customers on credit, the ...

Previously, we discussed some ways to improve cash flow within a company. This evolved from a question that was posed by contractors on a message board regarding the difference between profits and ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Accounting practices in the U.S. have improved over the years, but there are still plenty of ways that companies can manipulate their financial results. And not just in the usual ways--the balance ...

A balance sheet is a financial report that provides a snapshot of a business’s position at a given point in time, including its assets (economic resources), its liabilities (debts or obligations), and ...

A financial statement that lists the assets, liabilities and equity of a company at a specific point in time and is used to calculate the net worth of a business. A basic tenet of double-entry ...