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.