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Hort 2 5.01

Elements in a Financial Statement

QuestionAnswer
currnet assets + Non-current assets Total assets
Items that can quickly be converted to cash or that will be sold within 12 months Examples- cash on hand, checking and savings accounts,stocks,bonds and cash in value of life insurance, money others owe you, currnet non-depreciable inventory Current Assets
Items that have a useful life of more than one year and are used in the business Examples- non-current, non-depreciable inventory, land Non-Current Assets
Currnet liabilities(debts) + non-current liabilities(debts) Total Liabilities
Accounts and notes payable, this years part of non-current liabilities Current liabilities
Mortagages and other debts not due this year Non-current liabilities
Total assets minus total liabilities Net Worth or Owners Equity
Total liabilities/net worth Debt-to-Equity Ratio
Created by: wmhill
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