Balance Sheets
Adams Stirling PLC
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BALANCE SHEET

A balance sheet reflects the financial status of the an association at a specific point in time. It lists the association's assets, liabilities, and the difference between the two, i.e., the association's equity.

ASSETS
Cash. Petty cash, checking accounts, savings accounts, etc.

Assessments Receivable. Dues and special assessments owed to the association as of the date of the report.

Fixed Assets. Property acquired by the association with a useful life greater than one year and of significant cost.

Prepaid Expenses. Payments of expenses for future periods, such as insurance premiums.
LIABILITIES
Accounts Payable. Expenses incurred but not yet paid.

Prepaid Assessments. Dues or assessments that have been paid in advance by an owner.

Income Taxes Payable. Unpaid taxes.

FUND BALANCES (also known as members' equity or retained earnings)

Replacement Fund. Amounts set aside for future repairs and replacements.

Operating Fund. Accumulated earnings or losses from the current and prior years.

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Adams Stirling PLC