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THE BALANCE SHEET (Assets (Intangible Assets (assets that do not exist…
THE BALANCE SHEET
Assets
listed in order, from the most liquid to the least liquid
liquidity
the ease with which it can be converted into cash
Current Assets
cash and other assets that can be quickly converted into cash
Fixed Assets
assets that will be held or used for a period longer than one year
land
buildings
equipmen
Intangible Assets
assets that do not exist physically but have a value based on legal rights or advantages
patent
Goodwill
copyrights
trademarks
a summary of
owners’ equity accounts
a firm’s assets
liabilities
Liabilities and Owners’ Equity
Liabilities
Current
Accounts payable
short-term obligations that arise as a result of making credit purchases
Notes payable
obligations that have been secured with promissory notes.
salaries payable
taxes payable
Long term
Mortgage payable
Bonds
Owners’ Equity
the difference between assets and liabilities
Partnership
partner’s share of the ownership
A corporation
the owners’ equity (shareholders’ equity)