Types of Business
Kohls
What is Merchandising
Money, Money, Money - MONEY
What is Cash
This account could be abbreviated to AP
What is Accounts Payable
Assets=100
Liab = 40
OE =?
What is 60
Fed-Ex
What is Service
This is King
What is Cash
This account would represent the amount owed to the government
What is Taxes Payable
Assets=?
Liab = 100
OE =100
What is $200
Boeing
What is Manufacturing
This account could be abbreviated AR
What is Accounts Receivable
The typical amount of time companies have to pay a supplier, also part of the name a ESPN series
What is 30 days
Assets=100
Liab = ?
OE = 50
What is $50
Amazon
What is Omni Channel
Companies keep a healthy balance of this, to sell to customers
What is Inventory/Merchandise
A more formal amount due
What is Notes Payable
If Assets went up by $50 for inventory bought "on account", what else went up by $50?
What is Liab/AP