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Fixed typically include typically machinery and

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Unformatted text preview: • Fixed Assets – Assets held for more than one year. Fixed Typically Include: Typically – Machinery and equipment – Buildings – Land Land • Other Assets – Assets that are not current assets or fixed assets fixed – Patents – Copyrights – Goodwill 3 - 11 Foundations of Pearson Chapter 3 Understanding Financial Statements and Cash Flows Balance Sheet Terminology • Debt (Liabilities) – Money that has been borrowed and must be Money repaid at some predetermined date repaid – Debt Capital Debt • financing provided by a creditor • Current or short-term debt and long-term debt • Current or short-term must be repaid within the next 12 Current months months 3 - 12 Foundations of Pearson Chapter 3 Understanding Financial Statements and Cash Flows Balance Sheet Terminology • Current Liabilities: – Accounts payable • Credit extended by suppliers to a firm when it purchases Credit inventories inventories – Accrued expenses • Short term liabilities incurred in the firm’s operations but not yet Short paid for paid – Short-term notes • Borrowings from a bank or lending institution due and payable Borrowings within 12 months within • Long-Term Debt – Loans from banks or other institutions for longer than 12 months 3 - 13 Foundations of Pearson Chapter 3 Understanding...
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