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BALANCE SHEET

BALANCE SHEET. SHOWS ASSETS LIABILITIES AND OWNERS EQUITY AS OF A CERTAIN DATE SO THERE IS AN ASSET SECTION ON THE BALANCE SHEET, A LIABILITY SECTION AND AN OWNERS EQUITY. FIVE TYPES OF CURRENT ASSETS. CASH MARKETABLE SECURITIES ACCOUNTS RECEIVABLE INVENTORY

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BALANCE SHEET

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  1. BALANCE SHEET • SHOWS ASSETS LIABILITIES AND OWNERS EQUITY AS OF A CERTAIN DATE • SO THERE IS AN ASSET SECTION ON THE BALANCE SHEET, A LIABILITY SECTION AND AN OWNERS EQUITY

  2. FIVE TYPES OF CURRENT ASSETS • CASH • MARKETABLE SECURITIES • ACCOUNTS RECEIVABLE • INVENTORY • PREPAID EXPENSES (SUPPLIES, ETC.)

  3. ASSETS • ANYTHING THE COMPANY OWNS • THEY MAY BE • 1. CURRENT • 2. LONG TERM • 3. INTANGIBLE • 4. INVESTMENT IN SUBSIDIARY • 5. ITEMS HELD FOR LONG TERM INVESTMENT

  4. CURRENT ASSETS • PRESENTED ON THE BALANCE SHEET UNDER CURRENT ASSET • CURRENTS ASSETS ARE EXPECTED TO BE CONSUMED WITHIN ONE YEAR

  5. CASH • MEDIUM OF EXCHANGE

  6. MARKETABLE SECURITIES • STOCKS AND BONDS OF OTHER COMPANIES OWNED BY THIS COMPANY

  7. ACCOUNTS RECEIVABLE • AMOUNTS TO US (THIS COMPANY) DUE TO RENDERING GOODS OR SERVICE ON CREDIT

  8. INVENTORY • ITEMS HELD FOR SALE IN THE ORDINARY COURSE OF BUSINESS. (HAVE YOU BEEN TO WALMART)

  9. PREPAID EXPENSE • SUPPLIES AND OTHER EXPENSES PAID FOR BUT NOT YET CONSUMED

  10. LONG TERM ASSETS • USUALLY CALLED PROPERTY PLANT AND EQUIPMENT. THEY ARE TANGIBLE ITEMS EXPECTED TO LAST MORE THAN ONE YEAR. THE COMMON ACCOUNTS ARE: • EQUIPMENT • BUILDING • LAND

  11. LIABILITIES • ANYTHING THE COMPANY OWES • LIABILITIES ARE EITHER: • 1. SHORT TERM, EXPECTED TO PAID IN ONE YEAR • 2. LONG TERM, EXPECTED TO BE PAID IN MORE THAN ONE YEAR FROM NOW

  12. OWNERS EQUITY THE MAJOR ACCOUNTS ARE: • COMMON STOCK • CONTRIBUTED CAPITAL • RETAINED EARNINGS

  13. BALANCE SHEETXYZ COMPANYAS OF DEC. 31, 2010 • ASSETS: LIABILITES • CURRENT ASSETS CURRENT LIABILITES • CASH XXX ACCOUNTS PAYABLE XXX • MARKET SEC XXX NOTES PAYABLE XXX • ACC REC XXX INTEREST PAYABLE XXX • INVENTORY XXX OTHER PAYABLE XXX • PREPAID EXP XXX TOTAL XXX • TOTAL XXX LONG TERM LIABILITIES • PROP PLANT & EQUIP PENSION LIABILITIES XXX • EQUIPMENT XXX BOND LIABILITIES XXX • BUILDING XXX TOTAL XXX • LAND XXX TOTAL LIABILITIES XXX • TOTAL XXX OWNERS EQUITY • TOTAL ASSETS XXX COMMON STOCK XXX • RETAINED EARNINGS XXX • TOTAL XXX • TOTAL LIA + OWN EQU XXX

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