Helpful_Hints_BS_Income_statement

Helpful_Hints_BS_Income_statement - HelpfulHints...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Helpful Hints Balance Sheet: Assets :  Valuable items used by the company which may be of short term and  long term value. Long term assets are something of value that the company uses  for generally more than one year, and not “consumed” fairly quickly.   Short term assets might include things such as cash, receivables, and inventory.  The key thing to recall is these items have not been “sold” to customers or others  *yet* (they may be sold later, but not yet).   Think of it like you buying a car- it is an asset, but someday you may sell it or  trade it in. The money you receive from your job and what’s in your checking  account is an asset, but it obviously is varying in amount.  Maybe we sold something on credit to a customer- that is a receivable.   Inventory is materials or goods we expect to sell shortly to someone- think of  Foley’s merchandise when you go into their store- that is inventory to them. They  had to expend their own resources to acquire the inventory before we, the  customer, buy the merchandise from them.
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern