Statement of assets and liabilities
Assets – What you own
- Current
- cash, bank accounts, short-term investments
- amounts receivable (for example, a payment you will receive after the end of a fiscal period for goods or services that you have already delivered)
- inventories
- Long term
- long-term investments that will mature in one year or later (for example, stocks or bonds)
- long-term investments that will mature in one year or later (for example, stocks or bonds)
- Fixed
- capital assets (for example, a building or equipment)
Liabilities – What you owe
- Current
- accounts payable (for example, the purchase of goods or services that you will pay for after the end of a fiscal period)
- deferred revenue (for example, a payment you received in advance for goods or services that you still have to deliver)
- Long-term
- amounts you owe over periods of more than one year (for example, a mortgage)
Accumulated surplus or deficit
-
the difference between assets and liabilities (if you have more assets, you have a surplus; if you have more liabilities, you have a deficit)
- based on current-year’s operations and amounts accumulated from previous years