The Following Is the December 31,2014 Balance Sheet for the Epics

question 65

Essay

The following is the December 31,2014 balance sheet for the Epics Corporation.

---

Definitions:

Accounts Payable

Liabilities of a business that represent amounts owed to creditors for goods and services purchased on credit.

Cash Account

An account that records all transactions involving cash inflows and outflows.

Cash Payments

Transactions where payment for goods, services, or obligations is made using physical currency or checks instead of digital means.

Collections

The act of receiving payments for bills or accounts receivable, often referring to efforts made to gather overdue payments.