Here is a comprehensive glossary of common terms may find in your loan application or paperwork. If you have any questions about what something means, we’re always here to help. Contact us anytime.
All current accounts and notes and deferred notes, less reserve for bad debts.
Cash, marketable securities, accounts receivable – trade (net), inventory (net) and other current assets.
Bank notes payable, other trade notes payable, accounts payable-trade, other accounts payable, due to officers and employees, taxes-income other, accrued expenses, long term debt due within one year, other current liabilities.
Net value of all land, buildings, machinery, equipment, fixtures, furniture, etc.
Net sales less the cost of goods sold.
Value of all sales and services provided prior to deducting discounts, charge backs and allowances. This amount is requested to determine
Value of finished goods, work in progress and raw materials.
Long Term Liabilities
Notes, bonds, and mortgages and other accounts coming due in one year or more.
Net Operating Profit
Gross profit less: expenses, (selling, general and administrative, interest, depreciation), officer’s compensation, provision for bad debt and other expenses.
Net Profit or Loss
Net operating profit, plus other income, less federal, 12. state and local taxes.
All sales less discounts, charge-backs and allowances.
All current assets, receivables, inventory, fixed assets and amounts due from officers and employees, investments, deferral/prepaid expenses, cash surrender value of life insurance policies and others.
All current, long term and other liabilities.