Issue link: https://docs.hic.us/i/403552
Notes Payable - The balance of principal due to pay off short-term debt for borrowed funds. Also includes the current amount due of total balance on notes whose terms exceed 12 months. Interest Payable - Any accrued fees due for use of both short- and long-term borrowed capital and credit extended to the business. B. Tax Liabilities Amounts estimated by an accountant to have been incurred during the accounting period. This includes: Federal Income Tax State Income Tax Self-Employment Tax Sales Tax Property Tax Unemployment Tax C. Payroll Liabilities Amounts estimated to have been incurred during the accounting period. Payroll Accrual - Salaries and wages currently owed. Employee FICA Matching – Employer pays half of employee FICA D. Long-Term Liabilities List notes, contract payments or mortgage payments due over a period exceeding 12 months or one cycle of operation. They are listed by outstanding balance less the current position due. Notes Payable - Outstanding balance less the current position due. Mortgage - Outstanding balance less the current position due. www.hsi.us care@hic.us 99