Understanding Financial Statements Bizzer Professional Training


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Please review the information below
Definitions of Balance Sheet Items – Assets
Balance sheets may be quite detailed depending on the nature and complexity of a business. Regardless of their complexity, however, the same basic notions of construction apply. Again it is helpful to keep in mind the "left–right" balance sheet orientation. An illustration of a somewhat complex balance sheet may help understand the different types of accounts. Assets will be covered first and next the claims on assets.

 

Click on an item name for a description  

 Balance Sheet
 Bizzer, Inc.
January 1,1999 

 
ASSETS


Current Assets

Cash
  $50,000
Marketable Securities
  $70,000
Accounts Receivable
  $95,000
Notes Receivable
  $50,000
Inventories


Total Current Assets

  $90,000


$355,000

Long-Term Assets

  Tangible Assets
 
 
  Land
$89,000
 
  Buildings
$99,000
 
  Machinery
$35,000
 
  Accumulated Depreciation


Net Tangible Assets

Intangible Assets

– $5,000


$218,000

 

 
  Goodwill
$20,000
 
  Patents
$19,000
 
  Trademarks
$13,400
 
  Organizational Costs


Total Intangibles

Other Assets

$22,900


$75,300

 

 
  Investments
$23,000
 
  Deferred Charges


Total Other Assets

$53,000


$76,000

 


Total Long-Term Assets


Total Assets

 
$369,300


$724,300

Proceed to Claims on Assets

 


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