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Finance & Accounting
Pages 3 (753 words)
Group project Project 1: Three different businesses Balance sheet is one of the financial statements that indicate an enterprises’ financial position. The financial statement accounts for an entity’s assets and their sources, capital and liabilities. Even though balance sheets in any form of organization is expected to reflect on the three main items, assets, liabilities and capital, specific elements of the three items may vary from one form of organization to another.
Deposits refer to clients’ money that are kept with the bank while borrowings are cash and cash equivalents that a banking institution may borrow from other sources such as other commercial banks and the Federal Bank (Union Bank, 2011). Liabilities of a magazine publisher, like those of a newspaper publisher, are however diverse and can be explored in terms of current liabilities and long term liabilities. Current liabilities of the form of business organization are creditors, accrued payroll, prepaid subscriptions, accrued expenses, and outstanding taxes. Portions of long term debts and lease liabilities that falls due in a given accounting period also form part of the publishers’ short term liabilities. Long-term liabilities for the form of business include “long term debt and capital lease obligations,” “pension benefits obligations,” “post retirement benefits obligations” among other long-term commitments (New York Times, 2012, p. 55). ...
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