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THE BALANCE SHEET (Assets (Fixed assets are assets that will be held or…
THE BALANCE SHEET
Assets
Current assets are cash and other assets that can be quickly converted into cash or that will be used within one year. :check:
cash, marketable securities, firm’s receivables, prepaid expenses
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Intangible assets are assets that do not exist physically but have a value based on legal rights or advantages that they confer on a firm. :check:
patents, copyrights, trademarks, and goodwill
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On a balance sheet assets are listed in order, from the most liquid to the least liquid.
The balance sheet must show that the firm’s assets are equal to its liabilities plus its owners’ equity