QBScott-Accounting (8)

Liabilities appear on a company’s Balance Sheet and are what the company owes. Liabilities can be Accounts Payable, Notes Payable, Payroll Payable, Rent Payable, Taxes Payable or any other payable.

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QBCommunity Basic Accounting Formula

A couple of weeks ago I posted about the Basic Accounting Formula here and James Ong, Host from the QB Community, contacted me about collaborating on a post for the QB Community.  In case you didn’t know, the QB (QuickBooks) Community is a great online resource where you can learn about QuickBooks, Accounting, and Small Business.  The…

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QBScott-Accounting (7)

Assets appear on a company’s Balance Sheet and are what the company owns. Assets can be Cash, Accounts Receivable, Equipment, Inventory, Land, Buildings, or even Intangible items.

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QBScott-Accounting (4)

Owners’ Equity appears on a company’s Balance Sheet and is the amount owners have put into the company less what they’ve taken out, plus net income for the life of the company. Per the basic accounting formula, Owners’ Equity must equal Assets minus Liabilities.

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QBScott-Accounting (3)

Liabilities appear on a company’s Balance Sheet and are what the company owes. Per the basic accounting formula, Liabilities have to equal Assets minus Owners’ Equity. The company is obligated to pay their liabilities.

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