CLASSIFIED BALANCE SHEET by ewghwehws

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									CLASSIFIED BALANCE
      SHEET
        CURRENT ASSETS
• Assets that are easily converted into cash
  or used up within a year
• Examples are cash or bank, accounts
  receivable and supplies
          FIXED ASSETS
• Often called Plant and Equipment
• Used over time to produce goods and
  services
• Examples are equipment, land, building,
  machinery, trucks
     CURRENT LIABILITIES
• Short term debts that are expected to be
  paid within a year
• Examples are account payable, bank
  loans, GST payable, PST payable
    LONG-TERM LIABILITIES
• Debts of the business that are not due
  within one year
• Example is a mortgage
               CAPITAL
• Owner’s claim against the assets
• Contains the opening capital balance,
  drawings, the net income or loss, and the
  ending capital

								
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