Assets on a Balance Sheet

Retentions

Amounts withheld from progress payments until project acceptance

Accumulated Depreciation

Cumulative sum of all previously recorded depreciation expenses

Assets

Listed in order of declining liquidity on balance sheet

Current assets

Listed on upper left side of balance sheet, easily converted into cash

Accounts Receivable

Money due from customers for finished construction projects

Fixed Assets

Property, plant, and equipment owned by a contractor

Liquidity

Rate at which an item can be converted into cash

Cash

Ready money or liquid funds

Other Assets

Resources not listed in previously described groups

Contra Account

Account linked to another account with opposite normal balance

Prepaid Expenses

Future expenses paid in advance, recorded as assets

Inventory

Includes labor, materials, and overhead for ongoing jobs