Assets on a Balance Sheet

Retentions

Amounts withheld from progress payments until final acceptance of project.

Current assets

Cash or easily convertible goods listed on upper left side of balance sheet.

Accumulated Depreciation

Cumulative sum of all previously recorded depreciation expenses.

Assets

Items listed by liquidity and ability to pay off debt.

Accounts Receivable

Money due from customers for finished construction projects.

Fixed Assets

Property, plant, and equipment owned by contractor.

Cash

Ready money or liquid funds.

Other Assets

Resources not listed in other asset groups.

Contra Account

Account linked to another account with opposite normal balance.

Prepaid Expenses

Future expenses paid in advance for later value.

Inventory

Includes labor, materials, and overhead for ongoing jobs.