Whats On a Balance Sheet
cash
asset
intangible assets
assets that do not have physical substance (other assets)
current assets
cash and other assets expected to be exchanged for cash or consumed within a year
prepaid expenses
expenses paid in cash before they are used or consumed (asset)
Inventory
the quantity of goods that a firm has on hand (asset)
Equipment
tools needed for an undertaking or to perform a service (property and equipment)
Less Accumulated Depreciation
total subtracted from the fixed worn equipment (property and equipment)
Accounts Receivable
Amounts to be received in the future due to the sale of goods or services, (asset)
Balance Sheet Equation
Assets = Liabilities + Stockholders' Equity
Land
all natural resources used to produce goods and services (property and equipment)
Balance Sheet
A financial statement that reports assets, liabilities, and owner's equity on a specific date.