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Understanding Financial Statements |
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Definitions of Balance Sheet Items – Assets
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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
Long-Term Assets
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Tangible Assets
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Land
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$89,000
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Buildings
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$99,000
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Machinery
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$35,000
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–Accumulated Depreciation
Net Tangible Assets
Intangible Assets
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– $5,000
$218,000
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Goodwill
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$20,000
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Patents
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$19,000
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Trademarks
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$13,400
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Organizational Costs
Total Intangibles
Other Assets
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$22,900
$75,300
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Investments
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$23,000
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Deferred Charges
Total Other Assets
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$53,000
$76,000
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Copyright © 1998 Bizzer Professional Training |
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