Chapter 2 • Balance Sheet o Assets Current Assets = are listed in the order in which they are expected to be converted into cash Long-Term Investments = investments in stocks and bonds of other corporations that are normally held for many years • also includes land Property, Plant, Equipment = assets with relatively long useful lives that are used in the operations of the business • Ex: land, building, machinery, equipment, delivery equipment, and furniture Intangible Assets = non-current assets that have no physical substance • Ex: copyrights, trademarks or trade names o Liabilities Current liabilities = obligations that are to be paid within one year • Ex: accounts payable, notes payable, salaries payable…. Long-Term Liabilities = expected to be paid after one year from the balance sheet date • Ex: bonds payable, mortgages payable, long-term notes, lease liabilities o Stockholder’s Equity Common Stock = consists of stockholders’ investments of assets in the business
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This note was uploaded on 03/27/2008 for the course ACCT 100 taught by Professor Punke during the Spring '08 term at Wisconsin.