Step-by-Step Instructions: Liabilities
Figure 4: E xample of a complete Liabilities &
Net Worth Assets section of a balance sheet Current Liabilities Accounts Payable . . . . . . . . . . . . . . . . . . . . . $500 Taxes Payable . . . . . . . . . . . . . . . . . . . . . . . . . 100 Notes Payable (due within 12 months) . . . . . . . . . . – Current Portion Long-term Debt . . . . . . . . . . . . 2,000 Other current liabilities (specify) . . . . . . . . . . . . . . – Total Current Liabilities . . . . . . . . . . . . . . . . $2,600 Long-term Liabilities Bank Loans Payable (greater than 12 months) . $10,000 Less: Short-term Portion .............. . (2,000) Notes Payable to Stockholders . . . . . . . . . . . . . . . . – Other long-term debt (specify) . . . . . . . . . . . . . . . – Total Long-term Liabilities . . . . . . . . . . . . . . . $8,000 Total Liabilities . . . . . . . . . . . . . . . . . . . . . $10,600 Owners’ Equity (Net Worth) . . . . . . . . . . . . $(6,600) Total Liabilities & Net Worth . . . . . . . . . . . . . $4,000
On your balance sheet complete the following steps. 1) List your current assets and their values. Add them together and get a total of your current assets. 2) List your fixed assets and their values. Add them together and get a total of your fixed assets. 3) Add the total of your current assets to the total of your fixed assets.
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