(13) The Balance Sheet 3: Liabilities

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long-term liabilities / non-current liabilities

liabilities expected to be paid in a time >1 year, includes bonds with a maturity date >1 year

current liabilities

liabilities expected to be paid within 1 year of the balance sheet date

creditors

largely suppliers of goods or services to the business who are not paid at the time of purchase

deferred taxes

money that will have to be paid as tax in the future, although payment does not have to be made now

accrued expenses

expenses that have accumulated or built up during the accounting year but will not paid until the following year

share premium / paid-in surplus

money made if the company sells shares above their face value

face value

the value written on the bond or share

reserves

funds set aside from share capital and earnings, retained for emergencies or other future needs

Current Liabilities on the balance sheet includes:

creditors, planned dividends, deferred taxes

Shareholders' Equity on the balance sheet includes:

the original share capital, share premium, retained earnings, reserves

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