Liabilities

• Notes Payable


  Business entity is the maker of the note, promises to pay the other party a specified amount of money on a specified future date, supported by written or formal promises to pay by the debtor in the form of promissory note
• Accrued Liabilities


  Amounts owed to others for unpaid expenses, includes salaries payable, utilities payable, interest payable, and taxes payable
• Unearned Revenues


  Income collected in advance before being earned
• Utilities Payable


  Utilities (electricity, water, telephone, internet, cable TV, etc) already used but not yet paid
• Non-Current Liabilities

  • Mortgage Payable
  • Bonds Payable
• Interest Payable

  Interest incurred but not yet paid, arises from interest-bearing liabilities
• Salaries Payable


  Salaries already earned by employees but not yet paid by the business
• Accounts Payable

  Represents the reverse relationship of the accounts receivable. Buyer agrees to pay for goods or services in the near future, supported by oral or informal promises to pay by the debtor
• Mortgage Payable


  Records long-term debt of the business entity, where certain assets are pledged as security to the creditor
• Liabilities


  Present obligations that have resulted from past events and can require you to give up resources when settling them
• Current Liabilities

  • Accounts Payable
  • Notes Payable
  • Accrued Liabilities
  • Interest Payable
  • Salaries Payable
  • Utilities Payable
  • Unearned Revenues
• Bonds Payable


  Business organizations obtain substantial sums of money from lenders by issuing bonds, specifying terms of repayment and interest charged in a contract between the issuer and the lender