Accounts Receivable

The foundation is responsible for selecting the seven members of GASB and its Advisory Council, funding their activities, and exercising general oversight.

Yes, it is based upon the principle that the longer an account is overdue, the higher is the risk of nonpayment.

Yes. In the long run. A Current Liability is one which is due to be settled in the Current Period (Usually within 12 Months) therefore as the Long Term Liabilities become due they become current liabilities.

All financial records for companies should be kept for at least 7 years.

Decrease asset; since repurchase is with cash, whis is an asset

Decrease equity; if repurchased stock is not to be reissued, it is declared void and the number of outstanding assets is decreased. Hence, equity is decreased.

Mortgage

You would debit either sales returned or directly to sales deppendibg on the company procedure. You would then credit either the customer account in accounts receivable or bank if it was a cash transaction.

Deppendibg on whether you are going to record the stock movement as well you should debit stock and credit cost of goods sold (this should be at the lower of cost or selling price).

current liability

In the profit and loss: Expenses and in the bakance sheet: Any asset

Entry of bill recievable is:

Bill Recievable A/c dr.

To debtor

No it's current assets

A credit balance shows up on a vendor statement when you have returned defective goods, for example. You can call the vendor and request a check for that amount or apply it to any outstanding balance that you owe that vendor. Do you mean "debit memo" instead of debit balance? A debit memo is sent to a vendor to let it know that you are making a deduction from what you owe to cover defective goods, a short shipment, a price reduction, or some other matter. When the vendor receives the debit memo and agrees with your reduction, it will send you a credit memo. And then, you may have a credit balance on your account- depending on whether or not you owe them any money.

Allowance for doubtful accounts

Current liabilites

Because we can use its to make opportunity for business. For decision financing is very importance cause we can analyzing about company's situation and will need this information to make strategy in the future.

a. Conditions must be met for a transfer of receivables to be accounted for as a sale: Three conditions are transferor surrenders control of the future economic benefits of the receivables, transferor's obligation under the recourse provision can be reasonably estimated, and the transferee can require the transferor to repurchase the receivables.

An operating lease is not shown on the balance sheet. They are charged directly to the profit and loss.

Financial leases are the types of leases where the company will own the asset when they've paid off all the lease payments. This type of lease is shown in liabilities, it will be split showing what's due in one year (current) and the rest due after one year (long term).

When company make sales in credit it creates the accounts receivable while when company purchases on credit it creates the accounts payable so accounts receivable is current asset while accounts payable is current liability.

Account Receivable Callers.

It's neither assets nor liability if a salary is already paid, it's called expense.

But a salary before the payment would be called liability and after the payment it is going to be called an expense

Yes, Current Liabilities are liabilities that will be paid off in one year or less. Accounts payable is where you record such liabilities. If it's a payment that will be made in more than one year such as a car loan, then it is considered Notes Payable is is a Long Term Liability.

Current Liabilities to Total Liabilities Ratio = Current Liabilities / Total Liabilities

Current Liabilities to Total Liabilities Ratio = 7714 / 18187

Current Liabilities to Total Liabilities Ratio = 0.42 or 42%