Unformatted text preview: financial statements. The amounts may be shown individually on the face of the balance sheet or disclosed in footnotes. In the long-term asset section of a manufacturing company's balance sheet, one would expect to find factory buildings and equipment and possibly a small tools account. A manufacturer often has patents for its products or processes. The capitalized costs associated with a patent would be included in the intangible asset section of the balance sheet. The income statement for a manufacturing company is similar to that prepared for a merchandising company. In calculating cost of goods sold, only the finished goods inventory account is used...
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- Spring '09
- intangible asset section, longterm fixed asset, small tools account., longterm asset section